IMO, nobody really knows what Bob Marley meant with that line about the bucket.
I just finished watching a 3-hour documentary of Eric Clapton in the 1970s. It was a "warts and all" documentary, covering the good and the bad. After Clapton had the big hit with "I shot the Sheriff," on a following album, one of the band members had the idea of writing a follow-up song that explained all the baffling lines in the original. He wrote the song, creating a backstory, even though he had no idea what it all meant himself. He did not contact any of the Wailers for an explanation. That followup song (the name of which I cannot remember), explained that the bucket in the well was where the Ganja was hidden, and the speaker had no problem with the deputy because the deputy knew that and let it go. The sheriff, on the other hand... The band member (second guitarist) gave Clapton the lyrics, and Clapton wrote the music.
That explanation is a complete fabrication, indicating that no one in Clapton's band, including Clapton, had any idea what any of it meant.