As long as you're okay with it leaking because it definitely may, especially when you have to flush it.
I would just buy a self watering pot that fits inside the metal pot, personally. Something like this. As long as your monstera will fit in it
How large of a pot do you need? I have a large snake plant in a 10" self watering planter, and a dracaena in a large nursery pot (12"?) inside a nicer looking trash can.
You could also use your bucket idea inside any sort of large decorative pot or a rope basket or whatever