I remembered that I had some 18mm pipes laying around in the corner of the shop. I checked to see if that diameter was large enough for the metal end of the soldering iron and to my surprise, it was a perfect fit. The solder roll also was able to slide in quite nicely. Looking back at the cut down padlock I was using as a temporary stand, I had an idea to merge the pipe on top of the lock to get a solid base and a cover area for the metal half of the soldering iron. 

I knew that the pipe would have to be about half of the entire length of the soldering iron and a bit extra so that I could bend and weld the pipe with the padlock 

I measured out the pipe length to be 120mm and I added about 25mm more for the bend and weld area. I also cut out another pipe of 53mm with an addition of about 20mm on both sides for the stabilizer bracket in order to prevent the soldering iron from tipping over. I estimated a 45° bend with the 120mm pipe and a 70° bend for the 53mm stabilizer bracket. After I mocked everything up I used my stick welder to tack the pipes in place then fill in the flattened pipe contact points. Below is a 2D drawing of the soldering iron stand and i used Fusion 360 to model the stand. I should have made a model before I started working on this but I was already zoned in on this project and quite honestly I was being impatient.