I’m using a depth limiting countersink bit here to drill out the pilot holes, but this can be any regular bit.
This is the activator bar. It needs a rectangular hole so it can pivot. I drilled two holes side by side, and I’ll chisel out the excess.
The assembly goes like this: start with both layer 1 pieces, add the T-track in between to make sure that the spacing is right. Also add some paper shims, so that the fit isn’t too tight.
Add the layer 2 piece, then thread the metal nut on the nylon bolt, and insert it through this hole so the two pieces mate up correctly. Clamp down to temporarily hold in place, and then fasten together with screw.
Now the interesting part: got the four remaining levels, activator bar, nylon bolt, metal washer, spring, and metal nut. I used a nylon bolt instead of metal because metal will scratch and damage the wooden pegboard.
And when everything goes together, the nut should be flush with the base of all layers.