My two arrived and I've been going through prototypes to find the perfect varmit/bug/rain/hurricane proof feeder.
Ended up with a nice pipe feeder using 4" pipe, it holds 15-20lbs of feed and I can fill it from the outside. Moisture/humidity does not affect it like it did using a bucket. Most importantly, the fire and sugar ants have not figured out how to steal the feed nor moved a nest on top of it. Success!
Mine is still going strong, it holds 9 days of feed for 7 LF. They only go through a pound a day using it wether I use crumbles or pellets. It's saved me a ton in wasted feed.
I've since built a second one of these and used the round cap at the bottom. This is apparently a bad idea as it allows the rain to drip down to the tip and the feed soaks it up with a serous wind/rain event.
In comparison my flat bottom one - with more element exposure - remained dry. So if you do build one that is exposed, use the flat style caps!