My setup is almost identical to Gregg's. I used pop rivets to connect the L brackets to the bucket top instead of bolts. Also, I just cut a slit in the edge of the bucket reel to hold the line. Slips out just fine on the shot and didn't require any extra parts!
One of the really nice things about a bucket reel is that you can retrieve and reset in nothing flat. four or five turns around the reel, clip the line into the slot, arrow back on the string and off you go again. Also used electrical tape to attach the reel to the bow. Just pull off a four or five foot strip, double over the first third with the l bracket in the center, then wind it on the bow. The doubled over tape will lay against the bow finish and protect it from the gummy tape residue.
I've done homemade fishing arrrows as well out of ash and a number 8 finishing nail, but after seeing a few pictures of guys who caught a nock between the eyes when line snagged, I won't use another arrow without a slide. Cheap is great, but an intact skull is better than cash in the bank!