Full disclosure: I did get some inspiration from Bill Smith: https://www.youtube.com/watch?v=uG4XNmtn9nY
About 18" of 1x2 maple ($1.03 per foot)
1/4"-20 bolt 3 1/2" long ($0.24)
1/4"-20 "insert nut" ($3.92 for pack of 4) (more on this later)
One washer ($0.11)
Two 1 1/4" drywall screws (sitting at home, but cheap if you have to buy them)
Crazy glue ($5.77 for pack of 12)
Total materials used on this project: $3.36
Hammer and chisel (router would have been better)
Drill and various drill bits
Step 1: DIY IPhone 5 Panorama Tripod Mount
Step 2: DIY IPhone 5 Panorama Tripod Mount
Step 3: DIY IPhone 5 Panorama Tripod Mount
Step 4: DIY IPhone 5 Panorama Tripod Mount
I drilled the 1/4" hole, then used a larger bit to create a countersink for the bolt so it would not interfere with the top piece of wood.
Step 5: DIY IPhone 5 Panorama Tripod Mount
Go ahead and hammer the insert nut into the spot you just created for it. This is where you will attach the tripod.
Next on to assembly. I can't take it apart, so I don't have pictures.
Put the 3.5" bolt down through the countersunk top of the middle piece, through a washer, into the top of the bottom piece, and out through the insert nut. You should have a bunch of extra bolt now sticking out the bottom. Measure how long this excess is, then take it all back apart again. Use a hack saw to cut the distance you measured plus about 3/8" off of the bottom of the bolt. The idea is to reassemble everything and still have about 3/8" of threading left in the insert nut for you to use for the tripod.
Dry fit everything back together and tighten the bolt. See that everything lines up and there's enough room left in the insert nut to attach a tripod. Then slightly loosen the bolt so that the two pieces can rotate. My loosening was less than 1/4 of a turn. With the bottom piece facing up, put a few drops of crazy glue down into the insert nut. Turn the bolt a little bit to get the glue onto it then put it right back in that slightly loosened position. Screw the piece of excess bolt you cut off into the insert nut and then remove it to make sure no crazy glue seals up the threads there. The goal of this gluing is to bond the top few threads of the insert nut with the bolt. Give it 10 mins to dry. Now the bolt should be fixed to the bottom piece via the insert nut and should not be able to rotate at all. The middle piece should spin around the bolt. The bottom and middle pieces can no longer be separated.
Step 6: DIY IPhone 5 Panorama Tripod Mount
I used the mitre saw again to slice 1/16" of of each end, just to straighten them up.
Step 7: DIY IPhone 5 Panorama Tripod Mount
Then simply start up your camera, enter panorama mode and rotate it around in a circle.
Hope this helped someone out there - I can't believe no one sells a little device like this yet.