I made a simple wrapper out of of 1x4's. I used rollerblade wheels for the turning points (bought a used pair at a thrift store for $3). The wheels were in really good shape, but were somewhat dirty, so I cleaned them really well, first with a household cleaner then with alcohol. You can see it at [
www.acc-tec.com] if you're curious.
When I first started practicing on it (wrapping on old dowels), I found that the supports moved around quite a bit. My short-term solution was to take a 6' section of 1x2 I had left over from making it, and using it as a "guide" to slide the supports along. When they're positioned how I need them for the current task, I apply a little duct tape between the 1x2 and the base of the standing support to temporarily hold it in place.
My long-term solution will be to make a track using my router then to cut a corresponding groove into the bottom of the supports. I just haven't gotten around to that yet.
After playing with this for a while and 3/4 done wrapping my first rod, I would recommend looking into other wheels as a first option - either aircraft pulleys or screen-door wheels with o-rings around them as has been suggested in other messages. The rollerblade wheels turn very smoothly, but they are also somewhat large and "clunky." They're fine for the re-wrap of my 30-50# trolling rod, but I don't think they'd do to well on a really small-diameter blank. I'll put them to the test when I do one of the lt/med saltwater blanks I have in the closet.
Finally, at some point I'll probably "re-engineer" the wheel mounts to have some needed vertical adjustment.
My next project is a multi-spool thread tensioning device...
