Here's my first go at it...
1X- 1/4"-20 bolt (HEX HEAD)= 0.52 (USD)
1X- 1/4"-20 Wing nut= 0.61 (USD)
1X- 3/4" PVC 40 threaded plug= 0.64 (USD)
1X- 3/4" PVC 40 threaded Tee (w/o bottom)= 1.17 (USD)
2X- 1" metal clamps (radiator hose clamps)= 1.57 (USD)
3X- Washers- Found the around house
close-up of mount, i used a towel to protect the bars from scratches and also to ensure a nice snug fit.
with the camera on the bars i had to remove the bar pad as it was in the way, however as seen in this picture with the camera removed i was able to tilt the mount forward to allow the bar pad to be used.
I haven't tested this system in use, though i have confidence it will work splendidly. i'm not planning to use this to mount my DSLR.