Now, this may have been covered in another thread on this topic, but...

Is there any appreciable difference in function between the Level and a re-purposed front disc hub w/ drilled cog?

I remember seeing something about the three shear tabs on the Level keeping all shear forces off the bolts... but is this really the case? If so, does it really matter? Disc brakes have gotten along dandy with five or six bolts sharing the load, and I would imagine a cog would be a similar situation.

Front disc hub + new axle + spacers + drilled cog still seems to come out much less $$ than the Level.