Hanging on the wall or a rack would work best. The most important thing is keeping it in a humidity controlled environment. I had some cast iron last season that I put on my garage table because I was going to smooth it out and season it myself and after a few weeks it had a small amount of rust on it. A little work with a sander took care of it and I was already seasoning it so it wasn't a big deal.
You won't be pleasantly surprised if you leave it out and don't do a pizza cook for a month in say July though.
Using an oil that won't smell funny after a while of non use is also important. I tend to use flax seed (I think that's what's in the cabinet) at the beginning and switch over to olive oil. I know seasoning with say bacon grease makes things taste great, but if you aren't using it almost daily it will start to stink in a not so good way.