OK, lets build ourselves a 1.5" Stockman Standpipe!
The tools used:
Power Drill
Screwdriver
File
PVC glue
(a vise was helpful)
Here is the plan:
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Since I lack a decent workshop or proper tools I am using a power drill on our Kitchen counter to cut the opening from the PVC (yes, my girlfriend loves me). First things-first, I secured the PVC pipe using a vice.
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I used the drill to create the outline of the piece I wanted to remove. This was tedious, but only took a few minutes to accomplish. Yes, I realize there are probably a million better ways to do this job, but we all have to work with what we have

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I used my screwdriver in a 'chisel-like' fashion to create the opening.
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Hey, wow... it worked:
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A little filing goes a long way to clean it up.
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Ready to drain!
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I went ahead and glued on the reducer bushing which will hold the 2" coupler in place.
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...and the finished product:
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I decided not to glue the coupler or the cap on so they can both be removed for maintenance if needed.