There is a lot of confusion generated by many of the posts about making compost tea so going to the person that started that whole thing may help clarify some of it. Dr. Elaine Ingham wrote this article for Fine Gardening magazine a while back.

Here is a link that might be useful: Dr. Ingham on making compost tea

If I don't want to get into an aquarium setup right now (money's kinda tight), will my outline above serve any purpose? Would it be better than nothing, or am I just wasting my time?

Avajay asked:

"If I don't want to get into an aquarium setup right now (money's kinda tight), will my outline above serve any purpose? Would it be better than nothing, or am I just wasting my time?

No, you are not wasting your time; your method of making compost tea has been used for many, many years. Contrary to what some call the truth, your technique can make a great compost tea in as little as 2 (two) hours. Of course, brewing for a longer time will allow more microbes to grow in the brew, thus creating a more potent compost tea. If the weather is hot outside I would not brew for longer than 3 (three) days to avoid the tea becoming anaerobic (no oxygen in the bucket), this will avoid the tea becoming smelly and possibly dangerous. Better to make a weaker tea and apply it more often. The link below is just one example of a way to make compost tea. Yes, using a bubbler is faster and makes a more powerful tea, however the soil food web and plants will grow regardless of the microbe count.

Make your compost tea and feed your plants. Your garden will be very grateful and reward you in both enjoyment, beauty, and harvest. I trust this helps in some small wayÂ

Blutranes

Here is a link that might be useful: How To Make Compost Tea

Thank you both for your replies.
I wonder if it's just as effective to leave the compost in the stocking and using it as a tea bag as it would be to mix the compost loosely with the water in the bucket, as long as it's swished around frequently. Sure would be easier than having to strain the loose compost out with that 3rd hand I haven't got.

Joyce