Thanks for the input guys. I had about 280# of myself plus wiggly kids all on it at the same time and there was still no bucket flex, I'm gonna call it's weight limit at least 250#. Additionally, the seat is forced into an extended/fully open position by the bucket so it can't move any further to pinch, and the seems are in an area that no skin/flesh touch while in use. Between it's moderately solid build, the nature of it being fully open, and the hinges out of the way I'm hoping there won't be any issues.
As for the name, on another forum I posted my collection of parts minus the seat (the bucket plus a had full of nuts and bolts, six hinges, four clevis pins, four small "L" brackets, some screw/twist knobs, some wing nuts, and a bunch of fender washers), and I said I'd name my invention after the first person to guess what all this was going to become. Haynie guessed it, and I kinda like the ring of the Haynie Pot. It feels like a play on a Honey Bucket.