Personally, I don't think I'd want to try to reuse the misting water. I'd be afraid that there would be bacteria in it. I empty a 5 gallon bucket about once a week, and I use it on my plants, so it isn't wasted. I have had no leaks, and it's pretty convenient, and looks nice.
There's a million and one different ways to do stuff, and I like seeing everyone's setups and getting ideas. Owl, I look forward to seeing what you're doing, sounds pretty interesting. Do you have any pictures of what you have so far? How are you treating the recycled water so that it's clean enough for the chams to drink it?