The following project is one that I have been working on at school for the past couple of weeks. It is a stand to hold my Dremmel when i am using the flex shaft with it (this is clearest in the bottom picture). The base is bolted to my desk in a recess so it sits flush with the surface - so it wont get in the way. Then when I need to use it I take the rod and screw it into the base. It appears to be very effective and is a good solution I believe.