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I end up cutting more circles with the router than I ever thought I would. Came across the plans for this in one of the magazines I have laying around (darned if I can find it now though).
Thought others might be in the same boat and be looking for a solution, so here are a couple pictures, should be able to duplicate it from that.
(Above) Top of the trammel showing the slot and locking knob for adjustable size circles.
Bottom side of the trammel shows the slider bar for adjusting circle size. The small hole at the bottom is used with a 1/4" dowel as the pivot point. I ended up drilling a smaller hole just above it to use a decking screw for a pivot point also.
The slider can be removed and flipped over for smaller diameter circles also.
With the router attached: