I have done exactly the same thing as Roger, with great success. If you use the curved jaw channel locks, I think you will have even less material to remove. I had always coveted the VAR and Hozan plier-type tools. But no longer. I shelled out a mere $8 or so for the channel locks and spent approximately 20 minutes modifying them. Email me offlist if you'd like to see photos.
I also spent the money I saved on a "real" bb fixed cup remover. The stamped Sugino tools I used for years are now permanently retired.
If the only thing that's stopped you from picking up the VAR tool is the cost, give this a shot.
Kerrigan Bennett Pleasant Hill, CA USA
Archive-URL: http://search.bikelist.org/
I took a pair of adjustable channel lock pliers and ground out the back of the jaws, leaving just the first upper and lower ears to grab the notches in the lock ring. Gives solid, adjustable purchase into the notches without the risk of the wrench slipping off, which happens so often with the hook tools. Cheap too, since these pliers can be had everywhere. You can also grind the two ears into semi-circle if you happen to have one of those lock rings with circular notches.
Roger MacPhail, Park City, Utah