Brilliant redneck grilling idea!!!!
I think you need a bigger fire, and need to use butter. Everything is better with butter. Alternatively I would be inclined to use forks and put a a grate between them with some hickory or apple chips on the fire. Then you don't burn the oil in the bucket, and you'll pick up some of the smoke flavor. Be very careful not to get the forks too hot, softening the steel.