I joined a tour to Toledo for the second time. I chose the half-day tour and I had this time a different tour operator but the situation was the same.
The city is very nice and for sure you should go there but both times the tour guide did not allow us a minute to buy a souvenir at the several stores you can find in the city. They always say that you will be able to buy souvenirs at a special store that also makes the "adamascados", a local art, at the end of the tour.
The local art of "adamascados" is really beautiful if you have money to pay for it because it is not cheap. The store has just that kind of thing. It is quite a jewlery, as a matter of fact most of the pieces are jewels. But you are limited to that store only! And they also spend there a lot of time that could be spent inside the city. I think that it would be a good option to go there by train from Madrid (it is very close!) and hire a tourist guide to show you the city. You will enjoy more the tour!