Yes, will work on a tabletop. My parents did it for our huge train set - they put an ornate border on a piece of nice plywood, hinged at what would be the top when against the wall. The border was loose along the sides and bottom.
So, when not in use, the surface looked nice - they attached some kind of picture in the middle so it would look like a framed picture (can't recall what, though).
Then, when we would lower the surface, the border would open up and become the legs of the surface. I've used this concept for sewing tables in several houses.