Dev,
If you are using the tools everyday, then putting them in the boxes overnight is probably worthwhile, as the polystyrene should keep them relatively warm until the next day.
Any longer than that and I'm afraid that they will cool down to ambient temperature. Of course, what the polystyrene will do is protect them from rapid changes of temperature, which is what causes condensation, for example the low overnight temps we are having at the moment.
The thing to avoid doing is putting your tools in sealed boxes in warm, moist conditions, as when the temperature drops, the extra moisture which the air can no longer hold, will have no choice but to form condensation on your tools.
This is why I keep a dehumidifier in my workshop. I don't run it all the time, I just switch it on for a couple of days after a period of wet weather, or when a cold snap is forecast. (I also have a relative humidity gauge in there). The trick is to keep the relative humidity low enough so that the dew point is lower than the lowest temp that the shop gets to. As long as you do this - no condensation, and hence no rust. Doing it this way is a little more practical than trying to fit a bandsaw into a polystyrene box!
Regards
Gary