Both solutions look good! They both raise issues I want to incorporate into the cabinet I have been thinking about building under my TS extension table to hold blades, jigs, push sticks, etc. etc.
I am thinking of making a blade drawer similar to Jay's box, with the blades standing on edge, so I can see all the blades at one time, but build it so it that tilts out.
Also, I am thinking about putting a radius on the tops of the dividers that is slightly larger than the radius of the blades so the tips are slightly below the tops of the dividers, are protected, and my knuckles are protected
. I would probably need two sections- one for my 10" TS and CMS blades and another for my 8" dado blade and chippers.
Since the blade tips would be below the dividers, I would bevel an area of the that angles away from the blade, on the inside top edge of both adjoining dividers so I could grab a blade and remove it. These beveled areas would need to be in different positions on the dividers, blade to blade, otherwise the bevels would cut into each other and you would expose the teeth of the adjacent blade near your knuckles.
This method would allow me to see a section of the blade/teeth to make my blade selection and allow me to put my fingers in to grab and pull out a blade without my knuckles hitting any other blades. Clear as mud? I wish I was good at Autocad or Sketchup!!!