When you create a mountable chisel caddy, who says it has to stay in one place?
Tool rack on work table

This quick-to-make project slides between the rails in the lathe bed (known as the ways) and cradles turning tools within arm's reach. When not in use, it hangs on the wall, out of the way. Feel free to customize it for the type and number of turning tools you own.

To size your tool holder, first measure the overall length of your turning tools to determine the length for the backboard (A). The one here is 21", just a bit shorter than most of the tools. Now, measure from the butt end of the handles to the ferrules (the rings on the handles near the blades). This determines the distance between the upper rest (B) and base (D), as shown.

Next, measure the diameter of each tool's ferrule and of each handle 2" from the butt end. Cut two 2x1034 " plywood strips to make the upper rest (B) and lower rest (C), and mark lines 114 " from one edge. Lay out hole centerpoints along those lines, where dimensioned on part B, below. Drill holes to match the ferrules in one strip and to match the handles in the other. Rip the rests (B, C) to width and attach them to the backboard. Then, add the base (D). A screw in each edge of the backboard retains a 10" miniature bungee cord that secures the tools.

The cleat and retainer (E, F) are sized to fit most lathes, but check the distance between the ways on your lathe. The cleat needs about 14 " clearance to slide easily. Make the wall-mount parts (H, I) and secure this assembly to a wall stud.

Tool rack hanging on wall
Tool rack