I found at snoball that it was handy to just have a rope and shackles ready and can imagine in most situations that might be all that would be necessary. It was cumbersome having to undo stuff to get to it, especially if in the bed.
So I decided to see if I could at least get my kinetic rope in it. I did including two soft shackles and the two 7/8" shackles and was able to squeeze a pair of gloves in the outside pockets (will most likely just throw them in the bag). So it does meet most of my requirements. I have that non-kinetic rope, that won't fit but can store it close to the tailgate.