I've been considering one of these, either for myself or for the co-op, because it would come in damn handy for some of the dodgier donor bikes we get.
My grandfather had a fairly small one for cleaning all sorts of things, bicycle parts included, and it did a pretty good job. I don't know if he still has it, but I think he used to use white spirits in it. He just put the used spirits in jars and decanted the clean stuff off the tops the next time he needed to clean something.