Many, many years ago I used something similar as a kid. then is was simply a board with small finishing nails. The finishing nails were driven in to the board near the edge and spaced so that when yarn was wrapped around side by side nails it just about touched.
The length of the board(s) is a little longer than the largest project you want to work on. If you use two boards, held together at each end with a bolt and wing nuts and separated by washers, you can knit in the round.
Use a crochet hook to lift the yarn off the peg and wrap around the next stitch.