I decided to build one of these Saturday, but I did mine slightly different.
1) I used a coffee can for the bucket part (actually a plastic Folgers can since the one I was using was metal and is really rusting badly).
2) Instead of drilling a bunch of holes in the bottom of the tube I used a "Tee" connector. The T is mounted upside down in the can, with the top of the T glued to the inside bottom of the can. When paint comes down the tube it blows out both ends of the tee connector.
3) I used 3/4" PVC pipe instead of 2"
4) I drilled several 1/2" holes in the can just below the lid, and covered them on the inside with coffee filter material. That lets positive pressure inside the can vent out and prevents the fumes from blowing back through the tube. The volume of a piece of 2" pipe would probably be enough to prevent that from happening but I used 3/4"
5) I put a 45 degree elbow on the top, and then a 3/4" to 1/2" reducer. I cut the flange off the 1/2" end of the reducer and it is just about the same size as the tip of my airbrushes.
I can blow out 2 full paint cups from my Omni without any significant blowback through the tube. I used way too much filter material and really reduced the air volume in my can. I folded a 20x20 air conditioner filter and stuffed it in there, and there are four layers of material. I need to reduce that to two layers to get some more air space for fumes.
Great idea, Mike. It works like a charm.