I simply wrap it in the tool kit and put it in the saddle bag.

 

I used the foam and put silver duct tape around it, much prettier

 

I use it frequently. Ride 1 up and 2 up so my shock settings are different depending. I have the HD saddlebag liners and it fits in the small vertical one along with a rag in the left saddlebag (where the shock adapter is located)

 

I took a plano box and cut a few partitions and used it for all my tools plus the pump and I have not heard any noise from the bags. Plus I hated the fabric tool roll. I have a few of them I use at work sometimes, but I have no use for nylon ones with no firmness. I also wanted to add a few things that did not come with the bike.

 

Wrap it in a rag and place it in the tour pack pouch.

 

I kept mine in the original box and velcroed it to the underside of the top saddle bag lid.
Out of the way for the most part and protected from road rattle will in time will damage or offset the gauge