Found these plastic hair curler forms at the dollar store. They could work for small diameter 'pencil' mics and reduce the outlay from about $10 per pair for the balls, nylon and clips, to about $3 per pair ($1 for nylons, $1 for curlers, $1 for clips and rubber bands). I splurged and spent $2 for a pack of both the small and large size.
Pink curlers for your mics, anyone?
[edit- the black ones on my hand are probably a bit small for most mics, but I was making these for my 4060's so I don't need much space]