Well, I finally used my new welding/metalworking skills to create something useful ( for me anyways ). Total cost for the whole project was about $60 ($30 for the bucket seat from Pick-N-Pull and $30 for the plastic caps for the square tube - all the steel was scrap I had laying around). The chair was modeled after the Playseat Gaming Chair, but cost me a whole bunch less - plus I can say I built it myself!

Seat is fully adjustable, as are the steering wheel mount and pedal spacing. The steering wheel mount and pedal can also be completely removed, leaving a nice comfy bucket seat for playing non-racing games or watching movies.

Not bad for a weekends worth of work.