I have two of these on my 265 that are similar to what you describe, they hold maybe 1.5 gal each, I use them for small baitfish as is. I did add gasketing around the lower edge to keep water from getting below, it will splash out of the bucket as you ride, but if it is gasketed it will just flow overboard instead of down. I'd also keep anything below it well oiled to prevent corrosion. I use it without a pump, and it keeps my small baitfish(1-1.5") alive all day, I usually refill the water one or two times during the trip. Be aware, even with the gaskets you may get some water below so keeping everything well oiled and cleaned is important. We did not gasket it right away and our fuel/water separator mounts went to hell and we had to replace the whole kit. I coat anything below it that is metal in vasaline, that keeps saltwater from harming it and also prevents corrosion from normal use. Hope this helps a little.