It should be very easy to do. Just weld up a mount plate that will hold the arms vertical. The only other thing I would do is drill all of the pins so you can put a quick-connect cotter pin type (like for trailer hitch pins) into it to keep the drive pins from falling out on you.
I'm not following on the space saving portion of this, Kevin's is very quick to break down to the individual pieces and store on a shelf or move around when not in use. You certainly don't need to store it fully assembled. I think you may run into issues if you are keeping it manual, but I'd guess you already thought it through. I'm thinking of the ratchet arm staying where it needs to when you are bending. If you are converting to hydraulic, that is a different story.
Baby Beast 2- 1999 4Runner SR5
Baby Beast -1987 4Runner SR5-Gone, but not forgotten