There's some stories of guys holding pillows for Steve Gadd to toss his brushes onto during recordings...
It depends on the situation, but on some gigs/shows where I've got a lot of switches I use a trap table with foam on the top so I can toss and go... If a trap table isn't a possibility, a hard snare drum case with the lid turned upside down on top of the bottom of the case can work. One of my SD cases has 2" thick upholstery foam in it that nicely cushions the landing. A tray style music stand tilted horizontally with a towel on it will also suffice as a trap table and the lip can be helpful in keeping things from going anywhere. The top of the BD is a good place to put stuff, too. If I know I can get away without playing the FT for a stretch -- at least until I get a chance to put the brushes away properly -- I might use that. You can also prop a set of sticks up in between the tension rods and the shell of the BD.
Generally, I try to preset the stuff I'll need to switch from/to in a way that makes it as easy as possible and then just work out the choreography to play what I need to play in mid switch. I'll sometimes practice particularly tough switches a few times just to get the hang of it. It's an art form. I know that percussionists on shows often have mallets/beaters/sticks placed, taped, hung and otherwise strategically located all over their pits so that they can make quick changes. Then they practice the switches until they can get them cold.
As mentioned above, I often end up with sticks/mallets/brushes and even small percussion instruments held in my teeth, etc. I've tucked them in my crotch like Vinnie, too. Armpits work if you don't have to reach out and play the toms or cymbals. One neat trick for cymbal rolls is to hook the mallet heads over top of one another and "hang" them on the cymbal stock/felt - that only works when you don't need that cymbal for anything else, of course.
Honestly, there's no formula, you just have to figure out what works.