I built the stand last week and used it to hold my 4*40 while I installed the servos, engine,etc. I just finished covering it two nights ago, and used the stand to hold it while I applied the decals to the fuselage.
I have been using the stand only in my workshop (spare bedroom) so far, but I know it will be great to take to the field next week when I get a chance to fly.
I made some minor changes regarding the bolts and nuts, but it works great just like it is drawn.
I only have about $5 in it, as I used 1/4" luan underlayment plywood, and I had a 1" x 8" x 8' board of poplar in my shop already from another project. I also had some wood stain and some polyurethane on hand so it all turned out great.
I highly reccommend this for anyone.