I wish for 2 things when it comes to dismissing companions.
1. Send them back to the original location you found them.
Is it just me who feels bad sending to one of my settlements when they might actually want to go home? Piper might want to return home to Nat. Absolutely sure of this after our talk when I told her not to ignore her sister and be a part of her life... and then I prevent her from going home. "Nah go to Covenant and hang out with all the other Companions I dismissed." Or maybe Hancock wants to return to duties as mayor of Goodneighbor? Or Macready wants to go back to the Third Rail and drink beer and listen to Magnolia?
2. Send them to Home Plate. Sure it is small but I won't lose a companion in there. Besides after the bartender of the Colonial Taphouse went missing, I sort of turned Homeplate into a bar with pool tables and such. It would be a nice relaxing place for them.