Lookin good! You didn't mention the ceiling height but if you are using a lift it's probably 12" right? If so then when you put up the sheetrock in 4"x8" sections then you can use 4"x8" sections of pegboard in the center around the whole interior. In this pic you can see how the pegboard was sandwiched between the upper and lower levels of sheetrock;
This was taken shortly after I put my lift in and I have'nt run out of pegboard space in 2 years or so! I second the kegorator by the way. LOL Have fun!
Steve