Everything stays in their respective labled bags and gets hung on pegboards, just like in the fly shops. This way, everything is within easy viewing i.e. size, colors, type of material, hook types & sizes etc.) Depending upon the amount of room you have, they can be fix-mounted to the walls or, with a little creativity, hinged so that they close into a somewhat compact "display box" type affair similar to those used at trade shows. I'm fortunate to have a dedicated space in a detached "hobby shop" just off the main house; consequently my setup is permanent and surrounds my tying bench placing everything within easy reach and view from a seated position.
The hard part is the discipline required to put materials back into the packaging for re-hanging when finished, but I'm getting better at it.