I built this with a 1" PVC body instead of 1 1/4" and used a bolt for the plunger rod instead of thick-walled PVC.
The plunger:
A 6" 1/4-20 bolt and two small compression springs from Ace (don't remember which product #) I then have a sliver of electrical-tape-wrapped PVC for my o-ring sandwiched between a couple washers. I use a third washer, spaced by a nut, for my catch. It has a hair over a 2" draw. At first my plunger head was made of 1/2" CPVC fittings, which are smaller in diameter than the washers. I was able to suction-feed darts with it. However because I couldn't make a catch with it, I switched over to the washers. They aren't perfectly straight, and I think them rubbing on the inside of the PVC is ruining my perfect seal, but I'm not sure.

I used electrical tape around the end of the bolt to get rid of the slack and prevent the plunger head from extending too far into the body.
It's important to note: I had to drill a bunch of holes in the end-cap because the seal was too good and air couldn't fill the plunger tube as fast as it was pushing it out. Without them, it wouldn't function.

The trigger:
I used the same trigger design as my first homemade: A clothespin and a shelf peg.


The barrel:
1/2" CPVC barrel wrapped in electrical tape to fit inside a 1"->1/2" reducer. Reinforced with hot glue.

The final product:


Comparison with my first homemade:

Summary:
Tools used: PVC cutter, drill, hot-glue
Relative difficulty: 0.0. A few holes were drilled, but other than that it was just cut-and-assemble.
Range: ~50 ft flat with snug darts.
Cost: Under 10 dollars.
What I learned: Having the washers with a diameter almost exactly the same as the PVC's inner diameter causes problems if they aren't perfectly straight. My PVC ring under the o-ring isn't straight, so the washers have a slight tilt and can rub. Either I'll try to use smaller washers, or find a silicon spacer to use instead of PVC so that I can guarantee it is straight.