I have done this and I like it very much. I plan on setting up a second one in my tank. Truthfully it is very easy. The limiting factor origionally is the center shaft where everyone was recommending titanium because it wouldn't rust (it wasn't easy to come by the rod). Now the mod has changed to use a carbon fiber rod as the center shaft and those you can get at a local hobby shop.
As for the 1.5" test cap or knockout cap, I have never been able to find them at homedepot or lowes in my area. But I have been able to find them at a plumming supply store (they had tons of pvc stuff).
Honestly the mod is very easy and I would be willing to help anyone trying to do it. They hardest part is making some sort of holder for it (I don't trust suction cups with something that blows this much water).
Now what would be Really cool is doing the 2000 gph maxi with this --
http://reefcentral.com/forums/showthread.php?s=&threadid=799971 This is a holder for the maxijet that will rotate so the maxijet will constantly be changing flow direction.