Is there any possibility that tool bag circles around the earth then hit the space shuttle?
No, it is pretty much impossible. The bag has a very low mass and high drag factor, which means it will be slowed down by the remaining atmosphere up there very quickly. The ISS looses about 30m altitude per day, for such a bag, it can easily be 100 times faster. Even if in two weeks, when the shuttle returns from the ISS, the Shuttle hits the bag (not the other way around… the Shuttle will be faster), the relative velocity would be maximal around 150 km/h (a hit directly before passing entry interface). That is still not dangerous – not even for the fragile heat shield parts.
