When I set up my tool stations in my shop area I used an old Dremel tool holder for my flex shaft. It was a metal pole with a hook on the top. It was wobbly and didn't really hold the motor at the right height. In the user manual that came with my Foredom Flex Shaft it said to hang the motor at least 30 to 40 inches above the work surface. It was frustrating because with the motor hanging at about 24 inches on the Dremel tool holder, the weight of the shaft pulling down on the hand piece made it difficult to hold. I had an extension piece for the Dremel hanger pole, but the taller I made the pole, the more wobbly the whole thing became. Also, the clamp on the Dremel tool holder pole is plastic and not very strong. This would be fine for a Dremel, but not for the weight of the Foredom.
So, I got on the web and searched for a better solution to my problem. I searched for hooks, poles, and hangers of all kinds. Nothing looked quite right until I stumbled on something on a bird website of all things. It was a long steel pole with a large hook on the end that comes with an adjustable bracket so it can be attached to a wall or deck railing. It was made for hanging a bird feeder, but it looked like it would be perfect for holding my flex shaft. And, on the bracket was a knob that could be tightened to hold the hanger in any position or it could be allowed to rotate freely. The info on the site said that it could hold 15 pounds, so I figured it would be heavy duty enough for my needs. When the package arrived I was really pleased with my purchase! The hanger is heavy gauge steel, and the bracket is heavy duty and well made. I attached it to a stud on the wall behind my flex shaft area so that the top of the hook is at about 40 inches.
http//www.bestnest.com/bestnest/poles_hangers.asp , and look for the Green Esteem Extended Reach Wall Bracket, Item # GRE-60500, Black, 36", Price:$29.99. It has worked out really well, and has freed up a lot of space on my bench top and allows me to move freely without bumping into a pole. They have other sizes & prices of wall hooks available, but this one had the longest reach which is what I needed for my workspace.