My answer was PVC tubing from the Home Depot and some old lead weights from the SCUBA store.
Step 1: Components
The first thing is to determine the weight you need. The math is easy as you just subtract the outside diameter of the inside pipe area from the inside diameter of the outer pipe. Using an online calculator you can figure out that with the pipes I selected and the density of lead, that you get about 2.5 square inches of area for every inch of length between the pipes. With leads density about 4 cubic inches per pound, my application called for a 4-1/2" long outer body and a 5-3/4" smaller pipe.