This concept has been floating around at different forums and I had to try one for myself. The cost is about $5 so dirt cheap it is.
A hose clamp, and a cabinet knob does it! 10 minutes to make it all.

I do find such a solution easier and less heavy when shooting handheld or even on a tripod pulling focus as assistent DP.
To make fast focus pulling should not be a problem and the knob feels smooth and solid (made of stainless steel).
The picture shows a "Canon EF 35/1.4 L" attached to the 7D.

Here's a close up of how I attached the cabinet knob to the ring. A screw going through the ring and a nut on the other side.
The knob has a threaded hole so you just have to screw it on. Any knob fill do so buy what ever fits your needs.
Focus marks is easy if you put some white tape nex to the ring on the lens and make marks for different focus points.
Just like a traditional follow focus. Be careful to not over tightened it. You don't need much pressure to make it stick.