Ben's suggestion really is the cheapest way to go , ....but would not match my own situation .
Doing just like you , I'm carving , turning painting and topcoating my lures in just one room , ..but I simply lack the space for such a rack covered up with a cardboard box , .........I'd rather spend some money buying a few bigger stowaway plastic boxes sporting changeable dividers in a tool mart , ......sometimes these are on special sales(using such boxes for lure storage in general , anyway) ,....... they usually come quite a bit cheaper than special lures boxes from the tackle shop , ...at least over here in Germany .
These boxes I can slide into any vacant corners or gaps available , place them into cupboards or into my wall racks , etc ....!
So far I haven't yet proceeded the way you intend to do , ....just having dozens of readily shaped blanks around and dumped into some shoe cardboard boxes ,....... but once I'd start the finishing , I'd take it to an end before making woodchips and dust again .
If you'd go that track , make sure that you'd use different boxes for sheer blanks and primed or halfway painted blanks each , as the pure timber ones would have some dust still sticking to them , which would surely settle inside of the box and later stick to halfway painted lures as well , if they should be placed into that very box either .
Just my two cents , ...good luck , ...cheers , diemai