I wanted something similar to my chisel block for my lathe tools. I actually started making one. Then a thought occurred to me.
If I made the same kind of block and mounted it on the side of my lathe stand, I'd be putting myself and my kids, who are often in my shop, in danger. The chisel block is mounted on a different bench, out of the way of any open areas. The lathe tools though, if they are to be within reach when operating the lathe, would be low and exposed. Anyone walking by them, if not careful, could cut their legs on them.
So, I scraped the block for the lathe tools and made this carousel instead. I actually like it better. It keeps them up so I can see what I'm reaching for without taking my attention away from the spinning lathe.