I made some a long time ago, and there is actually a few things to know.
First: Cloth covered inserts are desirable, but here are a few things to remember. using a soft cotton is good, but it will eventually leave wear marks.
Second: Uncovered foam is not the best idea because unprotected foam will break down faster than protected foam.
Third: I have found that that polyester is the best cloth to use.
Forth: using super glue is usually not the best idea because it has a tendency to get very hard and create sharp points on the foam that can scratch items. Use caution. Its best to sew the foam into cloth covered "pillows" and then sew on the Velcro if that is what you have. Measure thrice cut once... I am serious, because you have to allow for expansion, and flexation as the bag is used and as the camera and equipment is pulled out and put in. Thats why you need to cover the foam as well. The foam wont last but a few weeks w/ reg. use, if not days. The covering keeps the foam together.
Fifth: Avoid spandex. Dont laugh, it was the only cloth I had access to when I went to make some dividers once. It cause alot of problems. Itll snag,a nd rip.