Heat Shrink Tubing: That might work pretty well. Heat shrink tends to "loosen" a little with time, so you might want to put a double-stick tape beneath it.
This is a topic that gets lots of ink over at one of the flashlight forums. Lotta people heat-shrink their top-end lights so they're more comfortable to handle in cold weather. I "shrinked" one of mine to improve the grip, and it worked well. Cool thing is, you can add O-rings under the shrink to make anything extra-grippy.
I have some heat shrink that is Glow In The Dark!!! That would allow Merkava to find his ratchet in the middle of the night.
If you are a glow freak, here is the source:
http://glowinc.com/
Mix some of their super-strong glow powder in a little epoxy and drop it on a tool; guarantee nobody else in your shop will have tools marked in a similar way. The new Ultra glow powders will hold a glow for 12 hours and more!!
WOW, I am way off topic. Sorry.