Is it possible to make a tool not be able to be taken from the Workspace?

I'll give you a correct answer!

You can't do that, but there's a similar way.

Get your tool, and put it on the ReplicatedStorage, used specially to store tools. Copy the tool, transform it into a model, and paste it into the Workspace.

Like that, we will have a "clone" of the tool, but that can't be picked.

Let's say you want it to the player make an action and be able to pick it up. There, you should use the following:

--the condition action would happen here. (then)
while wait() do
    game.Workspace.Tool.Handle.Touched:connect(function() --Replace 'Tool' with the Model copy of the tool's name and the handle with the 'main' part of the tool, which is called, the most of the times, Handle.
        --clone the tool on replicated storage to the player, and destroy the tool's model, so it will look like it was picked, which would happen if the model was actually the tool.
        local clone = game.ReplicatedStorage.Tool:Clone() --Replace 'Tool' with the tool's name
        --There the clone has been done, now we will destroy the model!

        game.Workspace.ModelTool:Destroy() --Replace ModelTool with the Model's name that's "replacing" the actual tool

        --Now let's set the clone's parent, so it will appear in the workspace!

        clone.Parent = game.Workspace

        --Ok, let's stop the loop.

        break
    end)

end

--AND WE'RE DONE!!!

What do you mean? Like it's parent being changed from a script?

I think you could just take the model out of the tool and delete the scripts and sounds.