Tall bucket fer sure, about 20" or so fer us with bad backs. Bait on the inside sounds cool but could be messy, a box with a good closure could be mounted to the bottomside of the seat for jigs, fold down back rest, I like that, now attach a rod holder to the backside of the rest so when I get up I can fold it down and put my rod in and walk away. Turn the bucket world upside down, (litterally) I'd like to see a more stable bucket. Just a few thoughts, good luck with your project!
Trapper