Have you thought about a rolling cabinet with a flip-up side? Something like this Crate&Barrel cart, but instead maybe do your drawer base + casters + butcherblock + hinges. It would let you slide it flat against the wall (not store the chairs) and you could have as much overhang on either side of the drawers.

I don't love the idea of always having that 11" overhang against the wall, it seems like a bit of a waste. I would think a traditional 26" deep counter with a flip up might be a better space solution. Also I would be worried about the function of using felt sliders to move an island often, seems like casters would be a better choice.

Thanks for the reply.

I thought about a flip up side, but then I don't have a convenient place to store the chairs when not in use.

Regarding the casters, a friend suggested them and I may ultimately go with them. The only issue is that the table will not be moved very much since it is only two of us, so most of the time it will sit away from the other cabinets near the wall. Also, I will have to get locking casters and I think I would rather have a small space below the the cabinet instead of the caster height. Ideally if I could install the casters so the cabinet is ~1/8" off the floor and some easy way to lock the casters (at least two of the them so it does not move around). But after pondering that, I decided to go with the felt.