I just took both mirrors out of an elderly 8" f/5 for cleaning, and managed to get them both back in and perfectly collimated using nothing but a home-made collimation cap (an end cap with a tiny hole in the center). It can be done!!
Yesterday I actually bought an Orion cheshire eyepiece, expecting that my dodgy by-eye collimation would be way off... put it in to see how I'd done and it was absolutely friggin' perfect, couldn't have been better. Waste of $85!!
I combined the astrobaby link below with this one:
http://www.wikihow.com/Collimate-a-N...ing-Zero-Money
It's not the easiest thing in the world but it's quite doable if you're patient.