When I first started shooting AKs, I thought folding stocks were just about as cool as a stock could be. Now that I have actually used several of them for years, I have come to realize that I have very little need for them. A stock that is adjustable for length of pull is far more useful to me. The best of both worlds may be an adjustable stock that compacts down nearly as small as a folding stock in the folding position.
The Nordic Components Compact Retractable Stock allows you to collapse your AK to a size that is nearly as short in overall length as an AK with a folding stock. It adds less bulk to the sides of the AK than a traditional folding stock in the folded position as well. Not only can be it be made extremely compact, but it also offers adjustable length of pull which is handy if you are going to use it in conjunction with armor.
I asked Tim at Nordic Components about the cheek weld since it appears to be quite low. He stated that he can still get a cheek weld but that it is quite low. I suspect that, like an under folding stock, you give up some comfort and ergonomics in favor of a more compact stock.
Check out the Compact Retractable Stock for the AK-47 from Nordic Components.