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But I keep them in the boxes !! Then I stack the boxes for a makeshift shoe rack. :)
I do usually have a few pairs lying around though, this could be useful for that kind of thing.
What about using laminated ply and leaving the contrast between laminated outside and ply texture holes (or paint the holes in a contrasting colour). I'm not a huge fan of ply but I've rarely worked with the furniture grade stuff. Pine is a lot lighter too.
You could make it more of a process with a jig for the holes and just run a cutter with a radius inside the jig using a copy ring.
I would worry about it crushing the toes of my shoes. Maybe I should talk to someone about that. :)