I drilled holes around the bottom of my mash bucket and also the entire bottom at an inch apart. When the mash bucket is nested, the liquid draws up. I stir it a few times a day and the only soupy part is in that lower two to three inches of the mash. The consistency of mine is like thick mush. I hold the bucket up to drain for about a minute by the handle then ladle out what I need with a slotted spoon into a bowl to take out to the barn. No excess liquid this way.
I keep an old flour sack towel over the bucket. I can only smell the fermenting goodness when I stick my nose down close. There is no strong odor. I was a little concerned about that before hand. It very much does remind me of sourdough starter. It smells good.
For my first try at this I'm thrilled to say it went just the way Bee said it would.
I got my food grade buckets for free at the local grocery store deli. They were used for vanilla frosting. Even after cleaning them out, they still smelled vaguely of cupcakes.