DiskMaker X (version 5.0.1) is functioning again. DiskMaker_X4b4 never worked for me. It's been more than a year and a half since that version came out so I figured the developer had quit the project. But you may still want to keep version 304 around, if you have it, because in version 5 the only options are for Mavericks, Yosemite and El Capitan. This may be because I am running in Mavericks; perhaps if you try it in Lion or Mountain Lion it will list those installers instead. Fortunately, for me, I already have copies of those.
FYI: I have put the installers on partitions on an external USB 3 hard drive. They boot much faster and more reliably than a thumb drive.
It should be noted that you can run all these installers from the installer apps downloaded from the App Store, if you saved copies of them. This works if you have a boot drive other than the one on which you wish to install the upgrades. If you have only the disk you want to upgrade, then creating a bootable installer with DiskMaker X on a thumb drive or external drive or partition is the way to go.
You can do the same thing with Terminal, if you like that sort of thing. But DiskMaker X, now that it's working again, is way easier and I've been using it since Lion—though I used the Terminal to create a Yosemite installer because DiskMaker_X4b4 didn't work.
Because the developer has finally returned to this project, I donated a bit to acknowledge his efforts. If you use it, it's well worth some $$. Try using the Terminal routine and I think you'll agree.