There's gotta be a better way!

inch wide by 1.5 ~ 2'' thick strips laid tightly in the drawer...
no holes to drill or crosses to cut... just put the bits in between the strips...
infinite spacing is one fell swoop...

Use closed cell sponge foam rubber (like Rubber Plumbing Pipe Insulation) in ¾''± wide by 1½ ~ 2'' thick strips STOOD ON EDGE and laid tightly together a drawer...
mastic (like PL-300) in the strips in if you wish..
no holes to drill or crosses to cut... just put the bits in between the strips...
infinite spacing is one fell swoop...
Kill two birds with one stone.
First is a spacing issue. It always seems that the uniform holes are either too close or too far apart, which eats up the space.
Second, is using a "hard" holder (wood, MDF, etc). The holes always seem to be too loose or too tight as use, temperature and humidity grows and shrinks the holes.
You get the best in flexibility with infinite spacing and self adjustable tension on the bit shafts.

I rescued the cut off scraps from a foam rubber seller... (dumpster dove)
can't argue that price...

Good question. I keep mine in the original cases for the most part. This is because I want the picture that shows the cut it makes. For some reason I find it hard to look a complex shapes and imagine how the profile will look later. Just don't use some of them enough to ID them at a glance. I keep mine in plastic trays with lids. It's dry here so condensation isn't a problem.

I have three Sommerfeld bit sets I keep in their nifty wood cases so I know the sequence for using them. I would hate to get those mixed up. I have a ogee door set, a Shaker set and a glass door set. Wonderful bits, btw, with matched length shanks so you set the first and the rest automatically line up properly. Freud makes similar matched sets as well.

The tubs are not as compact as what you're seeking, but it really works for me. I do keep the 1/4 and 1/2 inch shanks in separate bins. All of this sits on shelving beside the router table with the contents of each bin showing with a marker.

I've given some thought to clipping the profile drawing and putting them on a tray similar to what you're using, next to each bit, but I just don't use most of the unusual and sets often enough to bother.

Mine is about like yours, Joe. But it works just fine for me. Obviously, the unused holes fill with chips but that's ok until I get a new bit and then a quick hit with the shop vac or air hose and it's clean.

David

Mine reside in a drawer, and are labeled to make it easier to grab the correct one when you need it. I learned the hard way that when you're in a hurry, those pesky 90º v-bits can look a lot like a 60º v-bit, and can create some unusual looking results.

My storage.