Step 2: Seven bucks worth of extra materials
This is all you need:
Three bolts at least three inches long. The size I have used (that fit as well as I can imagine) is
"#10-24 x 4 inches" ($1.20 at my local hardware store)
Six nuts to fit said bolts (#10-24 in this case) ($0.30)
One small hand clamp ($3.00 at the hardware store). These really clamp down amazingly hard. Get the smallest one you can find that will work, so that the weight doesn't pull it away from the rim when in use (and of course smaller = cheaper). The one I'm using is 4" long.
Super Glue ($3.50, but don't you have some in a drawer somewhere?). If you feel chintzy using Super Glue, you can use industrial strength JB Weld or similar epoxy, but the super glue has been plenty solid on my prototype, plus you can use the stand right away.
A pair of pliers (everybody has some...right?).
File or dremel grinder for rounding the tips of the bolts (optional)