I bought a felt hat blank from these guys. , I never finished my hat. But you can use a spray bottle mixed up 8 ounces of shellac to 4 ounces of alcohol. Sew anchors of the rim to the bucket part to make its shape. Then spray it, and let it dry.
You might want to check out this video. Make: Believe // Make your own Toy Wax with Scott Hensey - YouTube Teaches you how to make wax for sculpting toys. He says to sculpt as much as you can in clay, mold it. Pour the wax in mold. Then finish up with the wax.