Scott,
I too almost went with a stand alone. My biggest problem was the expense in purchasing one, even when it was used. All told I have about $80 in materials in this build. I do have a harbor freight flux wire welder which has helped me through a few projects. They may not be the prettiest of weld beads, but they work for me. I found this design while searching the net and decided to give it a go. All in all it works rather well. My only real complaint is the tightening method. Having to grab a wrench every time I want to re-adjust is a bit tiresome. Other than that I'll be happy until I can afford a true bowl lathe.