I think that is legal, I mean isn't that just called a minnow bucket.
Used to fish for eyes on the fox and I would attach my minnow bucket to my wading belt and let it drift behind me...I dunno if it attracted game fish tho...maybe one time I was reeling in a small eye and out of nowhere I felt some thing nail my legs....1 second later I had a musky swipe my eye off my line...it was kinda scary... But maybe it was from my bucket...ya never know.
Jaypee