Ok...seems like I have found a nice water based glue that works really well for Tolex.
It is Alcolin "High Tac" carpet and vinyl glue.
http://www.alcolin.com/#/products/7/178/all/215/
Gives you a lot of working time while positioning and bonding the tolex to the cabinet, is water based so really easy to clean and you can use it indoors without going on a trip as there are no solvents. It allows you to lift and reposition the tolex if you got it skew.
It also applies easily with a brush.