I don't know that I've seen anyone mention doing this on any of the homebrew forums, but I find it very convenient. I keep my tank outside of my kegerator, and I added a "utility" line after my regulator so that I have access to co2 without opening the door. On the output of the regulator, I added a splitter, a couple check valves, and a ball valve on the utility line. The hose coming out the left goes inside the refrigerator, the one on the right is my utility line which is about 4 feet long.
 

At the end of the utility line is a female air tool quick connect so I can easily switch between different tools.

    Clockwise starting from top:

• Beer gun co2 line (sometimes used to purge oxygen out of the the headspace of carboys, in addition to the intended use)

• Blow gun (various uses including blowing out hoses)

• Gas ball lock disconnect (carbonating outside the kegerator, keg-keg transfers, commercial carbonator cap)

• Tire chuck (diy carbonator cap)

• Carboy cap (sanitary siphon starting, transferring without gravity)