I made one very similar last year(even got the 5 gallon bucket for free at at my store's deli). My only complaint is that my chickens were able to waste a lot of feed by scratching and billing it out.
I ended up spending the money on a feeder and I absolutely love it. They hardly waste at all and I think it was worth spending a little money on. I don't even use my bucket feeder anymore. For what it's worth if anyone is interested here is where I got mine, I found it to be the cheapest here.
http://www.premier1supplies.com/detail.php?prod_id=24468&cat_id=143
I ended up spending the money on a feeder and I absolutely love it. They hardly waste at all and I think it was worth spending a little money on. I don't even use my bucket feeder anymore. For what it's worth if anyone is interested here is where I got mine, I found it to be the cheapest here.
http://www.premier1supplies.com/detail.php?prod_id=24468&cat_id=143