Yeah, it is a pretty good design. You can get 10 ft strips of PVC for about $1.50 from your local hardware store. Make sure you pick up a bottle of PVC cement, so your rack won't fall apart.
Save you money, or burn it, I used CA glue on everything I have made with PVC pipe. As far as the 4 stand, I'd opt against going much higher because it tends to get a bit wobbily any higher.
I think I'm gonna lower it just a little so it will be a bit stronger. I already have the pvc cemet so should I use it are is CA a better way to go? And the last spot on the rack will be for an XB8 that I am waiting for.
I made my stand for storage and portability. I have plenty of tables to work on RC both when I bash or around the house. As far as using the PVC glue, hell you bought it you might as well use it. Just next time know that CA works just as well.