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5. 12VAC wall transformer $3
6. 12VDC wall transformer $3
Give them a try. It should work, just a little slower like you mentioned.
Suggested improvement to this elegantly simple design...get an old train transformer off ebay instead (I paid 99 cents for mine, $3 for another). These transformers supply both VAC (usually about 18V) and VDC (18-20V), and the speed control allows you to vary the VDC down from the max. Put my unit together in a cigar box, since I had several lying around.
Most ATX power supplies are switching, which means it won't turn on until you have added a load across the purple/orange wires of the 20pin ATX connector. Nearly everybody has 12vdc wall transformers laying around. And, if starting from scratch, a $3 transformer is much cheaper than a $25 ATX power supply. The other DIY involved buying the bare transformers from Radio Shack. I find this to be much simpler and cheaper.
Most people don't have computer power supplies laying around for free, but for those that do, that usually works.
You would still need 12VAC to darken the etch, and the ATX PS doesn't provide that.