Shock mount design for ME66

["Peter Shute" pshute2]

I bought an ME66/K6 on eBay on the weekend, and I'm wondering about a shock 
mount for it. 

The current plan is to try to make one before thinking about buying one. I 
found a PVC fitting in the garage, 65mm diameter, with a 25mm outlet that could 
serve to attach a handle. If I fit two elastic bands across each end to fit the 
mic through, will that be effective? 

I assume the diameter of the pipe and therefore the length of the elastic bands 
when fitted makes a difference. What's the smallest diameter that's affective? 
And does the tension of the bands matter?

Does the design of the handle require any special considerations? Does it need 
a foam covering, or will just a length of PVC do?

I notice that commercial shock mounts vary from $50 to $300 and more. Why the 
difference? Are the more expensive ones significantly more effective?

Peter Shute