You forgot an air pump to run the sponge filter! This filter includes an air pump capable of pumping 20 gallons per hour:
Another bonus is that it comes with an air pump driven filter that you can use as a backup/ or instead of a sponge driven filter. I have 2 of these. You can get an air pump without a filter though. I didn't do any research to see if I could find one cheaper then 10.99 though.
You might be able to find an even larger Sterilite storage box for cheaper. (again no research to back that statement, but sales do happen.)
Sponge filters are awesome but I honestly couldn't watch more then the first bit of the video of a person's stomach. :D
I need to do more research the best sponge to use for a home made sponge filter that will hold the healthiest bacteria colony. The sponge density and size of the sponges bubbles may
make a difference down the line.
What you got right now will probably work really well, but like I said I couldn't watch that video so I can't tell you how good that particular sponge filter would work. I use Hydro sponge filters that have a lift tube. You can test how much water a sponge filter moves too. There is a video on youtube that explains how.
The method the kid uses works for a pretty good idea on how your setup works :)