On another site there was a discussion about making a tool rap out of a leather welding apron. One thing to keep in mind when storing tools in leather is the way the leather was tanned. There are two basic ways tanning is done, vegetable tanned and chromium tanned. Chromium tanned leather will cause corrosion over time, If your tools are stored in the tool rap. If yo are just carring the tools in it from time to time it is probly not an issue. Chromium tanning is the cheapest process and most likely the way most cheap leather products have been tanned. Vegetable and leather is what is used in quality knife sheaths.