Here is my home made reel, formerly my avatar picture. It's made with hard maple and has an adjustable throat via pairs of wing nuts that clamp wooden brackets on a track in the verticle post.
Circle jig cuts the 6" diameter ends, dowel jig cuts the 3/8" - 8" long dowel rods. 1/8" brass rod with 1/8" steel washer on ends of reels to assist friction free spinning. A 1/2" long x 1/2" dowel is behind the reel also to clear the carriage bolt heads, can't see in the photos.
Mortise and tenons on the spool brackets and vertical post. Feet are halving joint.
A little video of reel in motion.
http://www.youtube.com/watch?v=K0Nn4sc5LF4
For those who haven't seen how I make my dowels, a little video for you to.
http://www.youtube.com/watch?v=bepcx-ioLUU
Enjoy. :)