Right on Andy... I second that emotion. I was going to suggest the same product, or something similar. Just make sure the tool is degreased with liquid sandpaper, or some such product, to make sure it sticks.
Another suggestion to save you the trip to the store is to cut up your old useless garden hose that was destined for the trash anyway. If the tool handle will fit into the hose, you have a poor man's solution for that gripping problem! Happy Gripping!