I like your solution, mosly because it's not too expensive.
I had a couple of 50-foot hoses coiled in a tool chest drawer along with a few shorter ones and like you say it's a pain to get them out when you need them. My shed is about 100 feet from the garage (where the compressor is located) and I sometimes need air down there. Every time I took the hoses out they turned into a rats nest. I bought a hose reel (~$35 at Northern Tool) and a vise hitch mount (~$20 at HF) for the receiver on the side of my garage. I originally installed the receiver for a pneumatic paint shaker. When (not an "if") a paint can comes loose, I'd rather clean up the mess outside.