Not a tool roll, but I keep one of my SHLF80A ratchets in an old woolen boot sock. At 26" long, it doesn't easily fit where I want it to in my toolbox. So it kinda gets stacked on top of other stuff, thus the sock. The sock isn't long enough to cover the whole tool.
Word of caution: some fabrics are not pH neutral and can actually accelerate corrosion. Some fabrics (like wool) contain natural lanolin that actually helps prevent corrosion.
Synthetic materials are typically those with the pH problem. The issue is synthetics often don't take dyes well. I think they use something called a mordant to set the dye and that can be acidic.
I have canvas tool rolls and they are white. A white tool roll sounds like a really bad idea for dirty tools, but it's actually a good idea.