The brackets feature adjustment knobs at the vertical pivot points, on either side of the speakers. In the photo, I've drawn an outline of the four knobs, and laid out an array of holes that will become grooves on the circumference. The outer line of the circles is to locate the center of the holes I'v drilled, and the inner line is the cut line. The result will be shallow grooves, rather than half diameter grooves. The drilling locations were laid out with a protractor. Next, I'll use the countersink in the drill press chuck to add a bevel to the holes.
These knobs will be functional, but mostly decorative. Anything, from a wing nut to a 1/4 20 nut could be used.

In the next photo, you can see the beveled holes, and you'll also notice that I've recessed the center area of what will be our knobs. This recessed/ depressed area was cut with a large Forsner bit. This feature makes the knobs more interesting visually, and could be used to make the them more attractive by adding a round thin metal disk trim piece. Polished brass cut from a door kick plate comes to mind.
Getting all of the grooves beveled (using the countersink bit) to the same depth is important for appearance sake, an easy task with a drill press if the depth stop is used. I'm cutting out a recess that will flush fit a 1/4 20 nut, which will provide the threads needed for the knob to function. The nuts will be glued in with epoxy. The nuts must be on the outside of the knob where they will be pulled into the knob with increasing force as it is tightened -- if placed on the inside the knob will be entirely dependent on the epoxy glue holding the nut in the recess.
The tool I'm using to cut the recesses is, as I'm sure you can tell, one that I made for this task. I ground the chisel blade out of an old hacksaw blade. Not particularly difficult, if you have a bench grinder. Bench grinders are cheap and they're a basic tool for every shop.
When I make knobs the next time around, I'll probably try to improve on the design. These are working well enough, on the finished brackets, but it wouldn't be difficult to twist the nut out of the recess. As I mentioned last night, MDF is rather soft below the surface so it's a good idea not to apply too much force to the finished knob. I have several alternatives in mind, such as welding a nut to a circular shaped piece of sheet metal, or saturating the MDF in the area around the nut cutout with cyanoacrylate (superglue). I'll try to remember to knock out a drawing illustrating the knob modifications I have discussed here, later in the thread.
http://en.wikipedia.org/wiki/Cyanoacrylate

The knobs were next rough cut to shape on the bandsaw, then sanded to a round shape using the same process described earlier. Next, a long 1/4" bolt was inserted through the center hole of the knobs, and into the drill press chuck. Using the drill press for a lathe, the knobs were turned, shaped and sanded using wood rasps, files, and sand paper.

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