wood will work. it is cheap, and easy to work with. if you know a welder, it will take him less then ten minutes to weld you a stand. metal will last longer and is stronger, but wood will work fine, if you can build a frame to support the weight of the bike.
you can just hang your bike from the rafters to get the same effect. i use a vice on a work bench for my repairs. it isnt the best, but it gets the wheels off the ground.