I'd use an old belt for the job.
Prepare for rust, even if you keep the thing absolutely sopping with oil.
Seems like it might be good leather for the job, so maybe I'm being a bit over the top, as I used thrift shop leather jackets and old boots for my planes mostly, but I won't store my tools in a lot of the things I made anymore.
Maybe it was me salty toe juice that made the planes rust
Most of the suede seems good stuff though, and most of that still in use, not all is good for some reason.
I like the chisel roll, but more for putting the chisels on, rather than in.
The leafed black leather 'book' thing I made for the bigger saws doesn't make sense at all, and likely to be more harm than good, even if proper leather was used, likely to cause issues warping plates.
Best used for bronze or stainless things like a saw set or whatever, just wrapped and not custom made faffery.
Again preferred for the bottom of a box kinda thing for cushioning,
and never for something that will rust again.
Might make sense to wrap tools in plastic bags inside the leather, but not really feesable for sharp things.
Had to forget about using it for some stuff like a LN block plane which looked like poo, even after a full bottle of 3 in 1 was poured into the holster.
If wanted to make something from leather again, it would be to make an apron for metalwork, or dusty wood machining
(hung up on the back of the door, is a nice spot for one)
Still on the lookout for an old leather couch, as I can't be bothered to sew up a patchwork apron from the coal bag of left over leather bits that I just can't throw away for some reason.