Budget Front-rack Bags

I'm slowly gathering the parts to build up a new low-trail frame and fork. One of the reasons for this new bike is that I'd like to try a front-rack-mounted cargo bag for long-distance rides. I already have a couple of different racks I want to try, but I don't have a front bag. The standard these days seems to be the pricey Berthoud bags, but at upwards of $250, they are a little beyond budget, especially during any experimental phase. To that end, I'm looking for budget solutions...

I've read on the iBOB list about someone hacking a $20 Nashbar Elite handlebar bag to work on a front rack, and that intrigued me. I ordered one of these bags last month, but the zippers on the bag were installed so poorly that it was rendered all but useless, and I sent it back.

Other folks have gotten creative with insulated cooler bags (examples 1 and 2), and even canvas tool bags of the sort you can buy at big-box home-improvement stores.

I was just thinking that perhaps there is some sort of military-surplus bag that could be had cheaply and is easily modified to work on a bicycle rack...after a bit of surfing I found this $10 bag that looks promising...What do you think (big photo here)? Looks like it's about the right size (11" x 5" x 7" tall). Remove the carry straps, velcro a map case to the top, add some internal stiffener panels, and fasten the bag to a rack with nuts and bolts, or even zip-ties. I bet it would work!