found this at a junk shop last year. don't know if it is a pipe rack or not but looks like one. its unfinished and has 12 holes. pipes work in it as you can see.
I was always told to store a pipe with the bowl down so that any residual moisture could be carried down to the open bowl via gravity rather than towards the stem. Always made sense to me so I always store with bowl down.
I'd agree woth ohin3, any risidual moisture running down the stem would sour the bit. Of course, here in Louisiana, we get lots of moisture, and my pipes can get very wet. In a dry climate it probably doesnt matter much. Of course, if one cleans the pipe after each smoke the rack becomes a moot point.