Well, I finally got through the entire thread (stupid work getting in the way). I've got a pretty good idea of how I want to do it.
1. 3-3/4" holes 3" from the bottom for intake
2. magnets for control
3. 8-1/2" holes in the lid for exhaust (unless I can find a dome lid)
4. cheap 12" thermometer from wal-mart
I haven't settled on a charcoal grate yet but it will have to be a no-weld design because I'm a no-weld guy... I'm also gonna have to find me a drum still, I thought I had a line on one but the guy didn't have any more...