Back to the original question: I have a few different size tool racks (wood blocks with holes in them) from Tandy, and I DO NOT organize the tools in alphabetic/catalog order. I organize them according to how much I use them. Yes, I do put all the bevelers together, but I have the pear shaders right next to them in the front row of the block. I put all the flowery tools (i.e. roses and leaves) in one section, all the "cutesy" little animals (i.e. cat, dog, butterfly) in one section, etc etc.
As to the submerging leather issue: when I teach, I tell kids to NOT soak the leather too much or we'd be there all day waiting for it to dry enough to use. We swipe it across the top with a (water) wet sponge, and they begin stamping. These, of course, are small projects. When I personally am doing a large piece, I will submerge it first, then let it dry overnight, then re-wet the top before I begin working on it.
Just my .02