Pictures??
Also, about the pegboard: there would only be a problem if the pegboard is electrically conductive. Put your ohmmeter test leads on the brown side, see if it has a low resistance, if resistance is very high, it should be safe to let the wires touch it.
I think most peg boards are made out of a cardboard like material (I may be wrong though). It probably wont conduct electricity (when it is dry), unless you are pumping a thousand or so volts to it.
If you are worried about the heat from the leds, turn one on for about five minutes, then touch it, I bet you wont feel much heat at all.