No secrets here.
Pretty much the same process you have, except I use a heavier gauge stainless wire that doesn't break after bending it a lot. Also, I use a button sleeve to hold my wires together instead of JB Weld - have also used pieces of copper tubing, but it was a little too soft than what I cared for, but still worked just fine. Just slide the wires through the sleeve or piece of tubing and smack it with a hammer.
Button Sleeve:
http://www.fastenal.com/web/products...l.ex?sku=43399
About $0.70 ea.
Wire:
http://store.weldersource.com/erststtigwew.html
I get the 1/16" size
1 lb. will make you at least 16 rigs
The sleeves and wire make up a cost of about $1.50 per rig.
If you go with the pieces of copper tubing method, that will drop the cost significantly.
Add in your swivels and you're good to go - with the wire being a heavier gauge, there is no need to sleeve it for the swivels, just curl it up and roll with it.
Depending on what swivels you use, you're total cost should be right at or below $3 ea.