Matt,
I make a pad for the bottoms of my jewelry boxes and cases using Ultrasuede (R), cotton batting, and hard felt as the base. Basically, I cut a piece of the hard felt (this has the rigidity of cardboard and is available at craft supply stores) about 1/16" less than the dimensions of the bottom. This allowance is necessary to accommodate for the Ultrasuede that will wrap around the edges. Then cut two thicknesses of the cotton batting the same size as the felt, using the felt piece as a template. The Ultrasuede is cut about two inches longer in length and width than the felt, and then a 45 degree cut is made at each corner, the cut line coinciding with the corner of the felt. I am having a difficult time describing this, and pictures would be better, but I think you will get the idea with the pieces in front of you.
You now have all of the pieces cut to size, and just need to assemble them. Apply a good coat of 3M spray adhesive to the back of the Ultrasuede, taking care not to get any adhesive on the face side as you handle it. Place the Ultrasuede on a clean surface, adhesive side up, and then place the batting in the middle. Each corner of the batting should be at the center of each 45 degree corner cut. Now place the felt on top of the batting. Pull one long edge of the Ultrasuede around the edge of the felt and adhere it to the felt. Do the opposite edge the same way, pulling it snug. It does not have to be really tight. Then do the other two edges the same way. Some care is required to get the corners correct, but with a little trial and error on some practice pieces, the technique becomes quickly apparent.
I know this may sound a little confusing and difficult, but it is really just a basic upholstery technique, and is not very hard to do. The finished pad should fit snugly in the box bottom, and generally does not require any adhesive to hold it in place. I only do the bottom of the box, but each side could be done as well to create a totally padded box. The side pieces would probably require some double sided tape to hold them in place.
The advantage of using Utlrasuede is that it is a microfiber product, and will not react with any metals. Real suede or leather has chemicals in it related to the tanning process that can cause oxidation, etc., at least that is what I understand. Additionally, Ultrasuede is very plush in appearance and feel, and has a very classy look.
I hope I haven't confused you. I have thought from time to time of photographing the process and posting it here as a tutorial, but just haven't done it. Maybe next time I do it, I will photograph each step of the process.
Hope this helps.
Matt