I also agree with not using the expanding bolt. My experience with them is that they loosen easily. I've seen pretty good performance lately from just using Tapcon screws in cinder block. You could also use them in conjunction with a concrete adhesive caulk or epoxy for a little insurance. Keep in mind Rick that about 95% of the weight you'll have is straight shear force (going straight downward) and only maybe 5% is angular force wanting to pull away from the wall. You can improve the ratio by hanging the heaviest objects at the bottom of the panel and keeping everything as close to the wall as possible.
Someone I consider a master woodworker once told me that a master woodworker is not someone who never makes mistakes. He is someone who is able to cover them up so that no one can tell.