Problem with folding it is losing the load capacity and the drip can would not be protected (it may even get in the way). What would you really gain? I'm not criticising just asking. If it had been designed with a foldable shelf and the cover was cut to fit it that way, it would be a whole different deal.
I was actually thinking of a way it could fold up. I have a spot under my patio that would be perfect to keep this grill, but it doesn't fit with the shelf. If I removed the shelf or it folded up, it would fit perfect.
I bought these SS folding shelf brackets to make drink holder shelves for my hot tub. By the looks of the Ironwood these would be perfect. They come in different sizes so make sure you get ones that fit your application. Hope this helps.