Nice idea to use the old bucket as the pot for the new grow. If I were you, though, I would ask your baitshop owner if he can get a worm called 'red wiggler'. It will compost alot faster than the common dew worm. The owner will probably know where to order some even if he doesn't carry them.

You could get several buckets going and plant a couple of clones in each one. You probably wouldn't have to fert till flowering.