If you could buy the stuff in inch thick sheets, preferably black, it would seem to be ideal. The tools would slowly sink in, form pockets, and not slide around.
Won't work.
The density of the memory foam I have seen wouldn't let the tools sink in very well or not at all. Memory foam isn't as durable as regular liners, it's very easy to tear.
Also if you put in 1" thick foam then you lose that in drawer height. Wouldn't work well in 2" drawers especially since the tools won't sink in.