I currently have my bicycle tools stored as pictured, making use of what I had lying around.
I'm just wondering is there a risk of damage, such as galvanic corrosion where the tool and screws contact? Screws are just a mixture from the miscellaneous box.
I couldn't find advice on best practice online, besides purchasing expensive toolboxes or purpose built pegboards.
If you see them start to develop a tiny bit of surface rust some WD40 (or other spray-on oil) should be plenty enough to protect them. It’s not like they’ll suddenly develop critical amounts of rust over night.
The screws you have used look like they are zinc plated. Zinc plating is low in the galvanic series (less noble) and should sacrifice itself before steel/iron.
If you prefer to have a "solid" separation rather than a "spray based" one (like WD40 or other spray), an easy solution is heat shrink tubing (normally used for electrical cables).
You can take one that is large enough for the screw head, and then shrink it so that it covers the exposed part of the screw.
Coloured plastic pushpins are your friends for this little project:
These are very low cost and will not rust your tools.
Their plastic heads also prevent any damage to your tools as you take them on and off your tool board.
Additionally, because they leave such small holes in the board, it makes the overall appearance nicer when you decide to rearrange your tools. No big screw holes left behind!
If you want to get really fancy, you can even colour-coordinate your tools by using the different colours of the pushpin heads.
If your fingers aren't strong enough to insert the pushpins, I find they can withstand gentle hammering. I've hammered them into dense hardwood many times. Just use multiple small strikes with a hammer instead of one big strike.
As an added bonus, they are reusable.
They will be fine. If there is enough moisture to cause corrosion from the screws, it is only a faction longer before the tools corrode. Worst will happen is cosmetic damage.
It can help to protect them to give them a spray of WD40 and wipe dry before hanging up.
Most common silver or shiny screws and bolts are either zinc plated or made of zinc or zinc alloy. These are usually the most economical option sold by hardware stores. That looks to be the type of screws you have used. The zinc coating is somewhat corrosion resistant and that is one of the reasons it is used. If that's the case, your tools should be totaly fine as long as the storage board is in a fairly dry place. I'd argue that the MDF or masonite board will degrade (it absobrbs moisture like a sponge) before the screws have enough chance to rust.
Other common screws are black, this is a "black oxide" coating. In my experience this ones are more prone to corrosion and I'd avoid them for this use.
Some screws and bolts are actually sold coated in grease or oil (These are the actual cheapest option in my usual supply store) and they are quick to rust, they are low grade steel or mild steel, once you clean them of the oil, they look dark, dull gray. Those I would also avoid for this project.
However, there are some other suggestions you may find useful:
Coat the screws with heat-shrink tubing. This is an isolation material for electrical connections and components, it contracts when heated. I have used a hairdrier to shrink it, but a lighter, soldering iron or a hor air gun can also be used.
If you have around a lenght of small diameter hose, you can use it around the screws also. I hapen to have a hose from an air compressor, It's about inner 1/4" diameter, and about 1/2" outer. Cut it in short "sleeves", unscrew, slide the screw into the sleeve and install it again. Another source of hose, a bit thinner, can be the hoses from nebulizer or similar medical equipment, those vary around 1/8" diameter and won't be so thick, alowing for tools with smaller hanging holes.
Substitute the screws for dowels. You can make dowels from used chopsticks, or bamboo skewers, etc.
