I thought about building one of these but got a Frabil Flow Troll bucket instead. See http://www.cabelas.com/cast-nets-bait-t ... adType=pla
The advantage is that I can stand this behind the seat while actively trolling or getting onto the fish. Then hang it over the side on a line while drifting or jigging. Although OK for short hops, I would not really try to do any serious trolling with this dragging behind me. Works fine for me, though.
I have one of those Frabill bait buckets as well. I made a 5 foot red shock cord with 2 big plastic clips on it. One clip fastens to the handle of the Frabill bucket and the other I wrap around the side rail and clip to the shock cord. When I need to get shrimp or mud minnows out, I just pull it in and bring the bucke tonboard long enough to get the bait and then put the bucket back out.
I have trolled with it out back and it doesn't affect anything drag wise. If you peddle fast, it does create a wake though. I have trolled slowly and caught fish with the bucket out and had no issues. Keeping the bait bucket in the water all the time ensures the live bait stays very lively especially in the heat of the sun in my neck of the woods.