Well, after I posted this last night I got the bug to go into my freezing garage and do a mock up to see if my skills were up to it. My wife gave me that look...you know..."go ahead and try it-but it will be a cold day in h#77 (garage in my case) before I put that thing on my staircase."
I used my strip flooring and did a build up on the bottom with some ripped down strip. Double round over top & bottom, flush cut on the front, sanded down and re-cleared...and to even my amazement it looks pretty dang good. I woke my wife up at 1:00 am to show her my accomplishment. (note to self: don't do that again)
Long story short. I am forgoing buying stairnose and making my own. For less than laminated mdf I can have real wood that matches the flooring exactly and add stairnose to my list of DIY accomplishment. Will it be perfect...I highly doubt that...but at least it's genuine.