I really like that folding bench. I was talking to a friend of mine this week about a folding bench, because he has some limited garage space too. I'll have to show him yours.
Here's what I'm working with. I built up the top with plywood after I got the vise to support its 50 lb weight. I put it where the grinder used to be. I also ran an air hose from my compressor in the garage and bolted it up under the bench, so I can plug in the coil hose in the shop.