I've never been interested in doing this, but this idea from my DJ almost made me reconsider. If FH was more.... physically gregarious? haha, I'd definitely do this.
He said he gets ready for the garter toss, and has the bride come sit on her chair on the dance floor. Then he asks if everyone is ready, and they tend to cheer. Then he asks "Should he do it blindfolded?!" which generally gets a loud response.
They blindfold the groom, then the bride gets up, and the best man sits down. Usually the groom goes all out, dancing and joking around blindfolded, until he feels the hair on the leg of his best man when he goes for the garter!
I thought it was a great idea, and providing you have a good humored groom, a great way to do the garter toss...