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You should do fine with that set-up. Make sure you have some type of lid because bait will jump out. You pump will draw more amps than your fish finder/GPS so use seperate batteries and having them in sealed containers is very smart. Rather than using a single overflow hose you can just drill 1/4" holes at the level you want your bucket to fill to. What you have done should work fine and if it does not do the job drill more holes. The rod holders which I attached to the bait tank I made out of a file box are good for holding rods that are not in use but too weak to be used while fishing. I also recommend putting a drain plug at the bottom of the tank so when you get back to the beach you can drain the water without removing your tank. I always keep my tank full when going back in because the weight in the stern helps keep the bow up.
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