For anyone who's interested, i've sketched up what it would take to make a stand like i described. hopefully the drawing will be more clear than my prose. you can see the drawing here:

http://www.bikecollectives.org/wiki/images/c/c0/Bike-part-stand.jpg

Ingredients:

2 drop handlebars
2 road stems that fit the drop handlebars
2 BMX forks with the dropouts cut off squarely
one top or other tube with the same inner diameter as the outer diameter of the BMX forks
2 bmx stems
2 bmx handlebars, approximately the same size as one another.
4 axles with 2 nuts and  2 washers apiece
a few old inner tubes.

Tools:
drill
drill bit slightly larger than the axles
wrenches for all nuts and bolts used

Optional:
wrap top handlebars with inner tubes to protect frame of bicycle being worked on, and/or bottom handlebars to protect the floor from scratches.