Yeah, once upon a time I also tried the CPL+LPL gizmo and I must say that I was dissappointed. Not really usable above 5 stops due to the EXTEME color casts noted above. In my case it was more violet than blue. The CPLs were not cheapos --- two B+W Kaessermans --- and yes, I had them in the correct order.
The main reason you would want a vari-ND is to use it above 5 stops, where you can compose and focus with the filter in place, then turn it to tune the attenuation you want. With a 3-4 stop you can just leave the filter in place and do it (at least in bright sunlight).
Don't know about the Singh-Ray vari-ND, but I certainly would not recommend the home-made version (CPL+LPL). Not to mention that I most often use NDs on WA lenses, and stacked filters vignette pretty severely below 14mm on an APS-C sensor.