Here's one I made a couple of years ago. Two differences, I used plywood as it's much less prone to absorbing moisture and the pockets are rectangular in section with back stops so that the gears are just under flush at the front, not halfway out. I put 1/4in dowels across the bottom of each pocket located so that the gear almost rests against the dowel when touching the back of the pocket. It is so that the gears don't just roll out. The advantages are that the box stands up and thus keeps the crap from falling into the box and you can even put a door on the front and it's obviously less footprint area. There's just room for it to stand in the lathe cabinet.

I also built a mini 'cabinet within a cabinet' into the side/end behind the small gears which has a small door and is sized to exactly accommodate the two extra changewheel studs that are part of the whole set. If I were doing it again I would balance the pocket heights for the small gears a bit better - the second version is always better.
This example is built into the base of the machine by the manufacturer (Smart & Brown Model M):

That way round there's no chance of them rolling out...
Richard