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DIY Steadycam

I was very interested in this a few years back. There is a pretty good forum devoted to DIY Steadycams here: http://homebuiltstabilizers.com/hbsboard/

Unfortunately, my conclusion ended up being that without using some pretty tightly toleranced machines and specialty parts the results weren't as good as buying commercial. There are some cheap options out there anyway. The Flycam series in particular. I ended up purchasing a Glidecam HD-4000 instead for like $450.
 
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I love my modified Steadicam Jr, I picked it up on Ebay for nothing and kept bolting on large washers until it'd balance a DSLR. It is great for run and gun, due to the center of balance being above my hand I can shoot for eight hours on the 5D Mark III and 24-105 with little fatigue. I also recommend the Flycam and Glidecam, but the Steadicam Jr. or Merlin is the way to go if you plan on shooting all day and don't want a vest or brace.
 
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