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Obscure question:
The ones I've seen have a bearing up top so the tire can rotate. I like the chain fall hook idea above. With the light load that the bearing will see, you could use virtually any bearing configuration without worrying about failure...a tapered roller would be ideal, a straight roller wouldn't work, a sealed ball bearing would, though.
Assuming you want to do this for very little cost, a trip to the junk yard should yeild enough parts to make a complete set-up. A hub and spindle would probably be a good part to start with...maybe one off a car with a Macpherson strut. That way you can cut the straight spindle shaft loose from the strut.
My $0.02.
[addsig]
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