Truing a wheel is a breeze with this homemade Wheel Truing Station made from junk i had laying around, a welder, a magnetic base dial indicator, and a metal chop saw.
Step 1: The Base
Find a sturdy flat piece of steel for the base. An old junk disc brake has all you need. It's heavy, flat, easy to clamp, already has holes drilled for mounting.
Step 2: The Post
You need a post that will allow for clearance of the wheel you're truing. It must also be sturdy. You don't want it flexing or vibrating while you're spinning or moving the wheel. I used a piece of 1"Dia x 18" long steel pipe.
Step 3: Mounting the Wheel
For a little extra flash, i removed a front wheel bracket from a junk bike to mount the wheel. You can use a nut or a washer welded onto the post, or just simply drill a hole through the post. Now tighten the nuts on the skewer until it is tight. Attach the magnetic base dial indicator so it rides on the rim of the wheel.
Step 4: True the Wheel
Using the dial indicator, find your high and low spots and begin truing. http://bicycletutor.com/wheel-truing/ is a great resource for how to do this.