i really like this one and i think i'll be doing it 8x20 or so, and maybe even bigger, later.
what i did was turn a piece of pegboard over and nailed 1"x2"s into a square on the back to firm up the pegboard. then i set it in a cheap easel like you can get at any art supply store.
i use pegboard hardware to hold up the paintings. now you can move them all around for any size painting you want. no muss. no fuss!
did this because the easel by itself made the painting either to low or i couldnt do small pieces on it. now with the pegboard its easy to work on any size in seconds. i've found clothespins, and Bulldog clips work great to hold small paintings if you clip at the edge of the pegboard.
give it a try and see if you dont like it better.