I have always wanted to have a go at this, but imagined it being very hard to get the thing waterproof, by-pass proof and easy to use. It would probibly need a lot of work to get to work right, so IMO it would be best to get a decent exturnal. However, if you are working on a budget, or want a challenge, then go for it
With canisters, the larger the better realy, so the 5 gal bucket's would be great for both. You then want a pump that will circulate 4-6 times the tanks capasity, and then you are set to give it a try. Remember that flow from any pump will be greatly reducd by pipeing being fitted to it to use it as a canister
I also wouldn't try using this with expencive or delicate fish untill you have proven that it works correctly.
Filters are the most important pice of equipment on a tank, and if it fails, you will suffer heavy losses. My main piece of advise to you would be to realy think out the design if you are going to do it, and don't cut any corners that may compromise it's waterproof-ness or reliability
Best of luck with it
Rabbut