Chuck writes -
This article describes how to assemble an inexpensive, but very accurate, wheel building stand for bicycles. The stand uses a dial gauge indicator that is accurate to 1/1000th of an inch, but the complete stand can be finished for about $100. The low price is achieved by using inexpensive options for the primary parts: the overall platform of the tool, the wheel holding mechanism, the dial gauge, and the magnetic base for the gauge.
HOW TO – Make a dial-gauge bicycle wheel building stand for $100, thanks Amp! – Link.