The nice thing about making your own tools from basic supplies is, besides the lower cost, you learn from the experience and discover news ways to make it better if you want to do it again.
I bought the standard Tandy stitching pony, but after using it for a while decided I need to make my own that will be similar to yours. One change I'm going to make is the clamping bolt. Instead of a regular nut or wingnut, I'm going to use a knobbed plastic handle with a nut insert like you see on a push lawnmower handle attachment.