A customer wanted a 'cheap as possible, but looking expensive' solution to a signed photo/record combination. The original idea (of the customer!) was to have a gold frame, red mount. Ok, I says, taking the order, no problem.......... except I have no red mounts, and the supplier is out of stock, and this frame is wanted for this weekend.

I thought as the moulding is a cheap offcut of obeche with a slap of paint, I'd do the same with an offcut of mountboard, following a variation of your tip...... bear in mind the photo is of the frame pre-assembly, nothing except the frame is fixed, no glass etc.......
http://xs128.xs.to/xs128/08242/batchelors600669.jpg
Customer has seen it and is ecstatic......