I actually found a useful article in Bicycling magazine! Usually I read Bike Snob's article and then toss it in the recycling.
$30 Hardware Store Repair Stand

I carried the article around with me a while, and talked to lots of people about it. I compared it to plans on Instructables.com. I consulted with my bike shop. In the end I decided to go with this one.

The $30 price tag is incorrect. I spent about $75 on parts. Plus things like a 1 1/4" drill bit which I didn't happen to have. It's still a good deal: for the type of stand, one that holds it at the neck, the cheapest I could find at Nashbar is $150. The cheaper kind that holds it by the bottom bracket & the down tube won't work for my bike, because of its geometry.

The $150-$200 price tag has kept me from getting a bike stand before now. I keep thinking about it, but not wanting to spend the money. $75 is easier to swallow, and I'll LOVE having something that I built!

The guys at Westlake seemed really happy to help me find everything. They discussed all the details of the project and helped me make some decisions. Instead of trying to drill 8 holes through the pony clamp, they recommended 2-ton epoxy glue, for example. They took me 1 1/4" drill bit and drilled the hole and cut the piece there in the store so I didn't have to haul the rest of the lumber home.

Because of course, I rode my bike to the store to get the materials.

Last night I painted the base, and epoxy-ed the pony clamp to the wood bits! Today I'll put a second coat on the base and hopefully tomorrow I can start assembling it.

It's a trade-off. I love the excuse to go by the bike shop about once a week, more in this weather, to clean my chain. But sometimes it would be nice to be able to lube my chain really quick at home, not have to remember to bring my lube & a rag with me. What finally prompted me to do it was, my chain got REALLY rusty after one wet ride, and the mechanic told me to wipe it down after rainy rides. Next time, I attempted to do that--without a bike stand. There's too much stuff on my handlebar (light, odometer, jingle bell) to turn it upside down.

So I rested the bike on my head and tried to turn the pedal backward while holding the rag over the chain. It's a little bit like juggling, I think. I can't juggle. At that point I decided it was time to build the bike stand!