The console space is for the seat belt buckles. The seat belt tongue has a recoil and stores in its own housing.
The shoulder belt tongues get folded and held by two clips (per side) on the edge of the headliner above your head. The shoulder belt buckles are short enough they may be supported in the upright position on their own, but there is an extra set of receptacles for the buckles on the outside of the console for storage, at least on my 68 Custom console. Otherwise, drape them over the console door.