I just use a 5 gallon bucket with a slight notch cut in it. Rest it so that the corresponding rod eye is in the notch letting the line pass freely without being pinched. The notch toward the handle end of my rod fits the split grip. It’s easy to grab quickly and because of the angle would be almost impossible for a fish to pull it down the hole. My can of minnows is usually sitting right inside the same bucket with a forceps, a few different hook/jig combinations, and maybe a bobber if I want to quickly switch to a bobber rig.
The only time I really fish this way is when targeting pressured walleye/sauger on Red or LOTW where I’m hunkered down. If I am fishing anywhere else I usually use a set line with a tip up, tip down, or finicky fooler to cover water.