Yeah, that's pretty much what mine was made from. The lumber was useless for anything else and had been cluttering up my garage since the house was finished over a year ago. I had three sticks left that I cut into pieces and gave to my next door neighbor for his fire pit!
The drill press was really handy for removing the powder coat. I just put a small wire wheel in the chuck and that let me use both hands to control the parts; much easier than holding the part in one hand and a drill in the other. I haven't found a use for my angle grinder yet (apart from building the tube straightener), but I did buy a finger sander, which I figured would be handy for cleaning up the plates where the rudder torque tubes mount.