Trusbx,
Yes. I made it out of 3 inch wide nylon strap, a couple of 12 inch zippers, some eyelets and velcro. Useable space is 12 inches by 3 inches by 1+ inch. Packing it to 1 inch keeps it flat but you could stuff to 2 inches thick but looks and feels odd.
Now I carry 2 space blankets, 1 space bag, 2 trash bags, 2 kleenex pocket packs, duct tape, and a sling shot. Only the kleenex has been vaccum packed so far. Its still a project in progress.
Any interest in the sling shot can see it
HereNeal