I have struggled to find an alternative to an expensive wheel truing stand. I found perhaps an alternative you might be interested in. Harbor Freight has a dial indicator that attaches to a vice grip at one end by means of a flexible cable and the other end to the dial indicator by a thumb screw. It is very flexible and can be bent to any position and then tightened to stay in place. You can attach the vice grip to any part of your bike or workbench. The part number is 93051 and the cost is $35. I found it very helpful in finding high a low spots on the rim to adjust the spokes. With a little patience you can get the dial indicator to register zero or very close to zero all the way around the rim. I don't know if it is necessary but I do it on both sides of the rim.
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Thread: wheel truing stand alternative