I put my Touch in a bubble-wrap envelope
But, where that would protect against scratches, it won't be protected against pressure on the screen. I do also have a hard book style case. (Yes I put the Touch in the case, then the case in the bubble wrap envelope to protect the case, pfff.) I made sure the case has the four elastic corner attachment method so I can easily and quickly take out the touch (I don't use the case when reading). I leave the elastic on the top right off, so the power switch is easier to reach, and so I can take out and put in the Touch faster.
But ultimately, yes, I'd be interested in the kind of case you describe.