Since my wife wouldn't let me confiscate the ironing board, this is what I came up with for about $8-9 since I had a lot of the parts stashed already. It allows me to walk around the part being painted, giving me full access from all angles and I don't have to either hang it from the rafters or spend time cleaning overspray off my hand from holding it. In the pics the areas I'm pointing to are adjustable, the frame can be adjusted up/down with the chain.

The "fingers" are adjustable up/down at the elbow, the 3" fingers and caps are glued in place, the caps are triple dipped in Plasti Dip, giving a bit more grip to the part being painted, less apt to slip.

Additional rotational adjustment at this collar gives still more angles for various parts to sit on. The tee is glued on, just the coupler is left loose so it can turn the entire upper apparatus.

I found when adjusting the frame up/down with the chain, the feet weren't always flat on the floor. So by leaving this tee loose you can turn one or both feet to accommodate the frame angle, making the stand quite stable.

Time to do the side covers? Just bring the fingers up level and lay the parts on top, giving full access from all sides.

Want to do the fenders? Set them on the fingers, then feel underneath and if the fingers aren't making good contact/support, just raise or lower them until they do, making them quite stable.

All done? Just fold it up and stash it in the corner.

I'm sure others have come up with their own version of a paint stand, this is what I came up with using what I had on hand and a little pocket change at Home Depot. Plus, since it's all sched 40 PVC, if I ever need to repair something around the house or the irrigation system I have plenty of spare parts.
