My one power strip is screwed to the top of my "power tool" workbench, but on the far side from the drillpress. If I put one over the building bench, it'll be up under the shelf screwed to the windowsill, so it'll be protected, like Tim's.
Can't really tell how far along the model is, but most guys I know either tuck the LO's into the wingtip or cover them with masking tape. I'm not sure that's adequate insulation, but Tim can try it and report back!
Steve