This sounds like a good idea, plus it eliminates problems when the hose heats up in the sun and expands, increasing it's volume. With a good-sized bucket, volume changes in the hose would have little effect on the height at the ends due to the large volume of water in the bucket relative to what's in the hose. If you don't want to cue up the bucket (and install fittings), I'd use the siphon method. You could also use a local, short siphon hose, (over bucket edge, down, below water level, then back up to the top edge.) This one, secured to the side of the bucket, would serve as a sight glass. The larger the bucket, the more accurate it will be.
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