I picked up a used Park stand a while back and like it, but in the past have used whatever I could to hold a wheel. Old fork in a vice works well for a front wheel, and an old frame clamped to something for a rear. The stand itself isn't anything more than a holding device and as others have said, a beer can can be used as a truing "gauge". The fancy gauge sets are a fine way to spend money and look cool, but I can think of a load of other things more useful... like cases of Guinness for instance. Cause you need empty beer cans.

I made a truing stand out of an old bit of MDF and some wire. Nothing fancy but it works great.