yup, that’s how I’m rolling now too. They’re only 2x3 at the moment, but you could make them 8 blocks big as long as you keep the middle block (light grey one) accessible from below.
As an aside, it feels like the lag in my workshop has gone down considerably - maybe a dev could comment on whether hiding storage faces reduces the entity load on an area?
EDIT: the actual storage strips are 2x3 facing north-south, the little “tag” block showing contents is facing east-west. The tags melt together as one large 1 by x strip but the storage bits are isolated