If your wallet can't take much, here's a low budget approach.
Well, it turned out to be a little more involved than just drilling a hole in a board, but here is what I ended up with. I screwed the two 2"x11"x2' boards together, drilled a 1 1/8" hole through both boards, and mounted a pipe flange on either side of the hole.
Here is a shot with the front wheel raised.
The boards screwed together are now wide enough to allow the bike to balance with both wheels off the ground. This is not secure enough to allow you to work on the bike but you can now slide the pipe through and pivot the lift in the other direction to raise the rear wheel.
Here is a shot with the rear wheel of the ground.
Kind of cool being able to lift either the front or rear wheel just by sliding the pipe through and rocking it in the other direction without needing to reposition the lift.