How to organize drill bits?
My dad solved this problem by drilling many holes into one edge of a 1x2 that did not go all the way through. Rows of these were nailed up across the wall studs near the drill press. It was easy to find drill bits even if there was no particular order. Multiples of one size could be placed into one larger hole.

Keeping a digital caliper on a hook nearby allowed quick diameter measure if needed. Also helpful was the printed drill size and thread chart taped up on the wall.