FYI, we build hanging feeders for our deer lease every year, depending on the depth, you can suspend the feeder from the top of the tripod with cable, which runs thru a pulley attached at the top, attach the other end to a boat winch, then lower and raise the feeder with the winch. We use salvage drums that hold 500 lbs of corn and they still work fine. Our latest models have a electric ATV winch on them (which I don't think would work well in water). The biggest expense is the steel legs which you have covered...Just thought since you had the steel you might think about it, also if you take the handle off when you leave, it keeps other people from "checking" your feeder.
Just a thought....
I still have about 3000 yards to go on my pond so I'm not quite to the feeder stage yet....
