Big Idea: I already have a workbench mounted vise, so all that was needed was a way to suspend the bicycle by attaching it to the vise.
Since my bicycle seat post diameter (and also many other bicycles) is about 27 mm AND the outside diameter of standard ¾ inch iron pipe is just barely under 27 mm, I just removed and replaced the bike seat post with a 5 “ long , ¾ pipe nipple.
A 90 degree elbow connects the nipple to a 18” long section of pipe creating a “L” shaped arm. The longer pipe is then clamped in the bench mounted vise - rigidly holding the bicycle about 6 inches off the ground (see photo).
Step 1: Check Bicycle Seat Post Diameter
To check your bicycle's seat post diameter, here's a URL (http://www.sheldonbrown.com/seatpost-sizes.html) to a bicycle seat post diameter database, or just measure your bicycle's seat post diameter, or just buy a 5 or 6 inch long 3/4" pipe nipple to test fit.