I\'ve been wanting to make something like this ever since I figured out that that stuff was called Loc-Line! I\'ve used the Irwin Quick-Grips for several other projects--aren\'t they great? And the fiber-reinforced plastic can holds threads quite nicely. I have several with threaded 1/4-20 holes all aver the arms for different mounting positions on mini-tripods.
Sounds like those $12 pliers are worth the price, too, eh?
BTW--A few minutes with a brown Scotch-Brite pad will dull that glossy finish on the Loc-Line, which might be a problem when shooting reflective subjects.