I could never understand what you could actually work on while a bike was swinging from the ceiling? Your not going to get a pedal off, remove a fixed cup, or wrap your bars, that's for sure. Maybe some light dusting?

But there are cheap alternatives to a proper workstand. A wooden saw horse (which you can make from a free pallet or two) with one of those "roof-rack" type clamps (the type with a hub Q/R that the forks fit on. Makes a good work stand if you get the geometry right. The rear wheel can stay on and hang over the back, and you can use a toe-strap around DT at the BB shell to hold the bike in place. There's many old pics of Euro work stands built like this, and if you are handy could build one for under ten bucks.

A large Jorgenson wood-workers clamp with a 1" hole bored center on the clamps is also good for holding a frame or seat-post and the whole clamp can be held in a bench vise to get the bike off the ground. I did that for a couple of years before I had the funds to get a pro stand. I still use it all the time to hold bars/stems, seat-post polishing, etc.