After some research into exactly what a tool wrap was, see these fab examples http://www.etsy.com/listing/81125400/regular-red-and-navy-plaidred-duck-cloth and http://www.bikecozy.com/p/products.html, I began to disect the rucksack and see what I had to work with. Amazingly the bag came apart really well and left me with almost the perfect shape for a tool wrap!
Here is the finished result:
AND I had enough bag left to make this for him too:
