tlt,
We've really just gotten started on it, and its not an urgent thing for me (since LR sent me a shiny new hitch adapter), so it may be a little while before its complete. As of now, the bushing has been machined and the "bracket" that fastens it to the recovery loop has been fabricated...that's it. I need to get back down to the shop and put some more time into this, but I'm planning for the UP Overland Challenge next month and trying to construct a storage system/fridge slide for the cargo area of the LR3 before that...too many projects

.
As for costs, I have no idea. When I spoke to my cousin about fabricating something, I mentioned the prices of both the factory hitch (~$500) and the Mitch Hitch (~$650). He said they are both insanely overpriced, and that anything we could possibly come up with would be nowhere near them in price. This could be completely based on the fact that we are related, however. That said, we didn't discuss anything specific. Side note, I also mentioned front bumper prices and he looked at me like I was crazy for considering a $1250 bumper to be reasonably priced, so maybe I'll make one of those next!
Paul