That's what I have too... Just about perfect for the discs...Based on the recommendation of another turner (who I would give credit if I remembered who it was), I recently switched to one of these, wall mounted:
http://www.homedepot.com/p/Stack-On-Clear-View-12-Bin-Organizer-CB-12/203184611
Plenty big enough for 2" or 3" rings, mandrels, etc. as well as smallish scraps of paper. My Siasoft 600-grit pads are a little big for the bins but that's ok. Overall, pretty happy with it.