Yes, the wood one you came up with is cool, just depends on what a person has available
I ran across this shaft collar for $3.58 for 3 (free shipping).
It looks to be a bit more pocket friendly while still using the same screw set.
http://www.drillspot.com/products/60407/Dayton_2X737_250_31_Shaft_Collar
Looks like it's the same screw size: Set Screw Size 1/4-20 Inch
It looks a bit narrower in the body (covers slightly less of the length of the carto), more like the COV one, though hard to be sure. I like the Lovejoy because I use fusion cartos and a notcigs M1A1 tank -- turns out that if the carto flange is run right to the hub base, I get holes at the height I need (dumb luck )
3 for $3.60 on the hubs is a good price, I was happy with 1 for $6 (current drillspot price on the AL050)
I ran across this shaft collar for $3.58 for 3 (free shipping).
It looks to be a bit more pocket friendly while still using the same screw set.
http://www.drillspot.com/products/60407/Dayton_2X737_250_31_Shaft_Collar