I pondered the same question while building a cabinet under my SS. My solution was a small shelf for the paper and then drilled holes in the side of the cabinet to store my 2 discs vertically by their arbors.
I did the same thing for my saw blades. Used a 5/8 carriage bolt and a wing nut to store the blades vertically.
Looking for Ideas for Sanding Disc and Sandpaper Storage
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