Thought this might be useful- Wife and I were shopping at Linen 'n things and I found this kitchen sink tray made of silicone rubber about 1/2 inch thick with 1/2 inch holes. it needs a box to hold it or to sit in a drwer but for $6.99 works ok for my 1/2 inch bits.
It's a nice slip fit-doesn't stick so you have to tug it out but isn't sloppy. It's one of those things I bought on impulse thinking it might work and did. If you've got one of those stores near you keep a 1/2 bit in your car and when you go in- try it. I'm sure other houseware stores carry the same thing. I'm always on the lookout for cross purposes in stores e.g. fly tying supplies in craft stores, hardware store for boating fittings, etc.
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