That's exactly why I recessed mine into my mini table saw / router table in my basement workshop.
Yes, that's pegboard - it's rigged up to my dust collection system. There is a structure under it, but it was pretty cheap and easy to do.
(It just parks by the wall - on a locking roller stand because it's a small workshop... big stuff happens in the garage)
It still goes freewheeling once you close the circle of course, but it's definitely easier when you can see it coming, so you can avoid the gouges.
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