This little post from Diver's Ready has got me started on a small project. Usually, I throw all of my gear in an IKEA bag and this seems to work for the most part. It is big enough to hold my:
BCD with Weight Pockets
Wetsuit (and gloves and hood if necessary)
Mask and Snorkel
Regulator and gauges
Compass, Buddy Cord
Separately I store my tank and fins.
Finally in a second bag, I bring a change of shorts, dive log, pen, towel and beverage.
The IKEA bag is ideal because it is big, soft, light and cheap. It does not protect fragile items, so I throw those on top.
I do like the idea of a crate for local diving at the Coral Sea. Best value I have seen for the crate itself is $33 for a 3 pack plus $20 shipping from Milk Crates Direct. Bungee cord I can probably scrounge from the house or buy from Walmart for a few bucks. U bolts I could get from Lowe's for a few bucks.
Diver's Ready opts for a milk crate as he goes from home to truck to boat and back. His kit includes 2 spools, SMB, wrist mount computer, dive light, dive knife weight pockets, booties, go pro, wet suit, regulator and probably a couple of other items I missed. The hardware and internal bungee are for gear he keeps organized with snap bolts.
That is attractive to me as I am planning on setting up my go pro on a snap bolt and also purchasing a dive light.