I think I'll take my 3-foot threaded rod back to Lowes and get a 5-footer. Everyone seems to be suggesting longer is better. I've heard that before somewhere.OK, then I think your sketch is reasonable. I'd make the weights go as far below the float as possible, since that will increase their impact on torque for any given amount of weight. If you're relying on them to hold it vertical, the guy wires(s) can be at or just below the water line.
I'd be tempted to use an open bucket on the bottom so I could just add rocks to set the flotation level.
