That one is surely easier than finding all sorts of metal rods, being worried about sucessfully plugging LEDs from getting wet, etc. but I'm not sure if that last one is worth the sime since that one most resembles a regular fuge, just that one is stand alone.
I have a friend that uses a 12 bulb Par38 LED bulb, similar to the one they sell on Rapid Led but cheaper (I just ordered one off of amazon that is red and blue so I'll let you know how that color works for me) and his fuge ...well, you can't even see anything but chaeto in just a couple of weeks.
Also, I did some research after seeing a guy selling something that looks and works like 95% or more like the one the original OP made.
I think the main difference between the one the OP made and most other macro reactors is that it has the light tube in the middle. Everything else is the same because it needs water to flow through an input and output section.
Here is one I saw on RC. I would have bought it if the reactor, plus light, plus shipping and paypal fees did not add to $160+ (when I can just buy the $20-30 par38 bulb and get chaeto to grow like crazy if Light is the limiting factor for my system)
http://www.reefcentral.com/forums/showthread.php?t=2441489
When I saw this, I looked around online to find the name and brand and found:
Proficiensea Plankton Reactor aka Cleartides
http://www.cleartides.com/page25.htm
The guy pencil3 says his looks like that but isn't that brand. His lights and the ones I posted use a regular T5 bulb that is pushed into a sealed transparent inner tube. Pencil3 somehow had a waterproof cap on his as well (said it was not necessary).
So that suggests there are a couple/few cost effective ways to achieve the chaeto/macro reactor that has the LED or other Light tube in the middle of the water flow.