Step 1: Can holder
Draw around the bottom of your paint can, and cut out two identical saddles. I used 3/4" plywood for all the parts.
Then, cut out the base. Mine was five inches wide by three and a half inches, with a tab off the side for the connecting rod.
In the exact center, I drilled a hole to a close fit on my pivot bolt. I had a 5/16 bolt,so that's what I drilled. If you have a drill press, this would be a good time to use it. a nice square hole will insure that it doesn't wobble.
Now, glue and screw the saddles onto the base. I recommend pre-drilling since I'm screwing into the edge of the plywood, and I don't want to split it.
Last, we need to attach a strap to hold the paint can in place. Get yourself a piece of plumbers strap. and screw one end to the flat side of the base. Lay your can in the saddle, wrap the strap around it then mark and drill a 1/4" hole for a bolt to draw it up. Now with a 1/4" carriage bolt, fender washer, and wingnut, you can snug the can down.