I got a similarly badass deal off craigslist last year. I built a squat stand outside out of 2x4 s (not a full rack, just a stand). I had to find a few used weights to fill n some gaps. And the bench was too tall so I surplused it. Recently, as my first welding projects I built metal legs for a wooden-topped bench and made squat racks out of 2x2 metal. Total cost for the metal was $55. Not bad for a pair ofsquat stands. The welding job was ugly, but functional. Drilling holes for brackets to hold the bar (brackets purchased from rogue fitness) was a pain, but I only drilled two sets of holes - one for squats/overhead press and another for bench presses. I would have gone nuts drilling holes every two inches. The main benefit for me of squat stands instead of a wooden power rack is the ability to move it all out of the way (I.e., no dedicated space available).
