Home-Made Peg Shaper

I have only built a couple instruments with wooden pegs because getting the tapers to match is a major pain in the butt, and although peg hole reamers are pretty cheap, the shaper to make the shaft of the peg taper is an expensive tool -- $75-$200.  

I now have my own hole reamer, but I just can't justify spending that kind of money for an occasional thing.  Dan Cox and John Knopf have made me pegs for my last couple projects, but it sure would be nice to do it all myself.

I found this YouTube vid on making a DIY peg shaper that looks easy enough to build:  A couple blocks of hardwood, a hinge, some sandpaper and a peg hole reamer!