I think I'm giving up on the whole diy spinner thing. It's just too frustrating and I think I've spent about half of what it would've cost me for a real one and I have nothing to show for it.
I'd like to know what you spent your money on. A real SlikStik or Groovy Game Gear spinner is $70. I haven't spent more than about $5 so far on my hard drive spinner I'm in the process of working on, and I don't imagine I'll have spent more than $20 grand total when it's done. The hard drive is hopefully free, about $5 for the bolt, spacer, washers, and knob (if you just use the cheap Radio Shack knob). And you should be able to find a mouse to hack for no more than $10 or $15. (I know the belkin mouse was recommended because of shaft size on the encoder wheel and I'm not sure how much that particular mouse costs, but I think I can probably make just about any mouse work. I'm actually going to try an optical mouse first, but that's another thread.)
If you can find another hard drive to rip apart, I wouldn't be afraid of trying again.
The only concern I have is that so far the only "spacer" I can find for the shaft that is the right size is nylon and I have some concern that that might break with tightening the set screw for the knob if not careful and with fast spinning in a hectic game the nylon spacer might also break. I've found aluminum spacers but they are all too big.