I was walking through a salvage/antique yard recently and came across a lot of old glass insulators. Most of them were clear and a few were green, some were even porcelain of various shapes and sizes depending on their former purpose. I picked up a pair of matching green insulators and had the idea to make them into wall sconces using black iron pipe from the local home center.
To make these you will need the following items: Insulators, 1/2″ floor flanges, 1/2″ nipple about 2″ long, 1/2″ Tee, 1/2″ square plug, 1/2″ to 1/4″ reducer, a 1/4 IP lamp pipe kit, assorted 1/4 IP nuts, lamp cord (with or without an on/off switch), rubber washers, plumbers putty, a 1/2″ glass hole saw, candelabra bulb bases, candelabra bulbs (night light bulbs work great), epoxy, electrical tape, a block of wood for the backing (if so desired), some screws, and a electric drill with a phillips bit and 1/8″ drill bit (or appropriate size for the screws you are using).
Here is a video on how I made mine.
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This is really cool. Definitely not the cheapest project like you said but very cool none-the-less!