I use a metal silverware/napkin caddy for scissors, rotary cutters, pens and pencils, small rulers, needle books and other small misc. hand tools needed for sewing. I'll post a pic of mine later, but this is the idea:
I got mine at Joann in the summer clearance a few years ago. Cheap, cheap. I also have a roll of paper hanging on a curtain rod, similar to the tape on a dowel theory, it's always there and out of the way. I just use my acrylic ruler to tear off a piece as needed.