Strikemaster,
I do know one thing, use styrofoam! Yes they are flimsy and break easy, but they breath. I used to put a styrofoam minnow bucket inside of a plastic bucket and never lost my bait. I then used to take one of those styrofoam picnic coolers that you can buy at wally world and fill it with non chlorinated water. Place the bait from the bucket in the cooler and feed a small aquarium aerator into the cooler with a sandstone diffuser. Total price of bucket, 110 pump, tubing, stone, cooler was about 20 bucks. Remember to keep the bait in the coldest place in the house, and remembe to keep the cover on the cooler! I found out the hard way when you wonder what those little dried up anchovies laying on the floor stinken the place up! Hope this gives you a battle plan- Barleydog