Folding legs are a must for future storage. I've got a borrowed hoist and the space savings is great. Make sure you get a true 4-point engine stand and not a cheaper one with a single front wheel or narrow duals. Mine is a bit unstable..
I am a fan of the folding engine hoist and costco has them for $189 (US made-Arcan)- some even have a foot pedal release. US made ones have a better ram and last longer than offshore.
The best most stable engine stand is the Harbor Freight 2000# @ $109.95. It is sometimes hard to line up direct with a hoist but it is rock solid. Foot print is a underlined "V". I had one of woody's "pref U" and rated to 1,250#'s (chinese made). Adding a known 750# 1HZ long block to it the crank dropped 14" (fourteen inches!) toward the ground bending the mount plate. If you spend on a real OTC "U" it won't deflect like the $114 one I got via Carquest here. I immediately ordered a HF 2000# and can move either 2F's or HZ's around easily and securely. It is the cheapest heavy duty engine stand on the market bar none.