I think you could just use a bucket, not that much water, but,,,, I'd just as soon have a hole in the wall and a pipe to the outside rather than monkey around with a bucket.  Of course, I'm in the south, freezing pipes aren't normally an issue and my shop isn't insulated, so a hole in the wall isn't a big deal, just put a dap of caulk around the pipe and we're good to go.

FYI I did see some NOS 1" dryers on fleabay the other night, should handle your flow real easy.