Yes it is nice to be able to put your projects INSIDE something isn't it? You know, to hold everything together so it doesn't flop around? Discuss the techniques here!
I think you could also buy a commercial chroma decoder for what, about 500 bucks? I think that's how much they are. And as S q u e e ! said, its quite an ambitious project to make one. You can imagine if they cost hundreds of dollars to buy, then they'll be near-impossible to make.
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"A chip and some pots" is an understatement. You need one chips, many pots, a few caps, and the ability to make lots of small connections made with lots of wire.
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Its not that bad if you can solder fairly well or wire wrap. I remember seeing a schematic in a book awhile back. I'll try to dig it up. I just gotta find something to test it with.
Jack is right, you could easily take a schematic from the chroma decoder's datasheet, draw it in Eagle, and make a PCB with Eagle's autorouter. Then, the hardest part would be to solder the SMD decoder onto your PCB.
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