When I first saw the tripod idea I thought that it was a great piece of lateral thinking. It's just a matter of removing the screw from one of the leg slides, moving the leg to vertical while having the tripod horizontal and walking with the tripod swinging below. It's a good cheap way (assuming that you already have a suitable tripod) but I found a few disadvantages with it. You needed to carry a screwdriver to remove the screw on the leg slide (or modify it with another screw and wingnut). You use the other legs to balance the camera by sliding them in or out to suit. The disadvantage for me was that the legs were obtrusive when used in tighter situations (and not so tight as well) by hitting things when you turned. These situations can be where you want to move around between bikes, around crowds, or through workshops. The other disadvantage was that it only works when slung low relying on the length of your arm and the tripods leg along with gravity to take some unwanted movement out. Once you lift it up it loses it's usefulness. Also, if you then needed your tripod you would have to convert it back.. not a big job but the advantages of having gadgets is usually due to the convenience once you have them. Having said that, it can be a useful tool in certain situations.
To build my steadicam I confiscated my sons now unused fold up scooter. I used the steering stem and handlebars, and the rear brake has become the handle.
Unfortunately, the scooters wheel bearings were shot so I went to the local pushbike shop and bought some skateboard/scooter wheel bearings. The bearing caps are 3/4" water pipe end caps. They required a little sanding until the bearings fit snuggly inside. The framework for the gimble is made from cheap galvanised strapping bought from Bunnings.
4x scooter/skateboard sealed wheel bearings - A bit over $2 each. (22mm o/d and 8mm axle hole).
3/4" plastic water pipe end caps - ~ $1.50 each
Galvanised strapping - ~$2 per length.. I bought two lengths.
The bolts for the axles for the bearings are 8mm, but I already have a stack in different types and styles. The mounting bolts for the bearing holders were 6mm, and I had dome nuts here.
I already had a stainless steel angle bracket that has been cut up and used on the ST's Police light bracket camera mounts, and it was used as a camera mount on this steadicam. With the Drift Ghost it gives you up/down and swivel adjust-ability. I made the job easier for myself by simply using some thick dowel to fit into the neck of the steadicam to affix the camera mount to. I drilled and fitted a 1/4" threaded rod into the dowel.
Once built you need to spend some time getting the balance just right. Once done you can mark the positioning for later reference.
The scooters steering stem is adjustable for height to allow it to be folded away. On the steadicam it is used to coarsely adjust the balance between the mounted camera and the bottom arms. I used the scooters locking clamp to attach the handle brackets to, and it is also used to make finer changes to the balance with the camera on the steadicam. The lower arms (previously the scooters hand-grips) are removable for storage, and the slide on the steering stem can be made shorter for storage.
Please refer to the photo as a reference to building and assembly.