Yes! I use this one by Incite Elite. It comes with the grey towel also, which I use for cleaning up spills. It dries so fast I don't worry about it. It comes with the cool pouch and it is barely noticable in your bag. It's a little expensive, but you only need one, and it's extremely durable so you should have it for a long time.
Using a microfiber towel for drying prevents the other towels from getting nasty and wet floors, etc. You'll have your clothes dry by morning if you use that method. Sometimes cotton t-shirts can be done within a few hours. I wouldn't recommend storing if damp but it dries so fast, it probably won't be an issue for you.
Speaking of which, you would probably also want to learn how to do a ranger roll if you haven't already. It saves a TON of room. I have ONE weekender bag. That's all I need for myself. (Besides my quilting/sewing bags, which are temporary for my stay now. Not everyone carries a quilting hoop.)
I would recommend machine washing once and then air drying to prevent little blue fibers. (I washed this in the tub, and it dries in a day, but I was unprepared for the amount of first-use-blue-fibers in the bathtub. It's totally preventable.)