I attempted to use a standard paint stand for my first electric plane, but the makeshift hardwood fixture I made broke. Then I made a fixture of 1/2 inch steel which worked, except it put too much pressure on the motor mount and it kept cracking the plastic/balsa interface. My new stand puts no pressure on this area and consists of an inexpensive hardwood (wood working) workbench I purchased at Harbor Freight for around $120 (with coupon). Then I used one of the hardwood pegs it came with, cut it and attached a 1/2 inch hardwood dowel. Once the peg is placed in any hole in the bench, masking tape is used to provide the desired amount of friction to keep the plane from spinning while shooting paint. I also installed lockable castors on the bench so I can wheel it around anywhere, of course I'll cover the bench with a drop cloth when painting. It's also ideal for working on a plane once fully assembled since you can place it where you can walk around it.
Don