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Getting some nipples, drilling a few holes in a bucket is a lot cheaper!
For a cooler like that to be useful you would have to be adding ice daily, and wouldn't be useful in winter because the nipples would be too far from the heat mass of the water to stay liquid much below freezing.
IMO horizontal nipples in a cheap plastic container are best. You could buy 2 5 gallon buckets retain with lids and 10 nipples for the $27 pricetag on the one you linked, 2 5gallon buckets with 3 nipples each would serve you well just requires a drilling holes.