WelshRareBit,
I used a dremel tool, with one of the narrow (1/16th inch) fiber cut-off wheels, and sliced off a quarter inch of the lid all the way around. I used the router attachment for the dremel (which precisely controls cut depth) and used the inside of the pot as a guide. My lid is a snug and perfect fit. Some people just crimp the lip with C-Clamps to reduce the diameter, but I was concerned it might slightly dimple the top mating surface, and make a less than perfect seal.
DirtSailor2003,
Absolutely, TWO baskets are in my future. They will have "easy lift" handles put on them. This way, I can pre-light a second basket, and do a swap with the primary basket quickly (for when very long smoking sessions occur. It would make sense to dump the ashes from the base when the swap occurs. I am also looking into the "top vented" inverted can mod to avoid the potential of ash clogging my vent. I currently use kingsford briquettes, but they give off a "tar-like" smell when they are first lit off. It leaves an undesirable smell. It had made me seriously consider getting charcoal wood chunks, and moving away from standard briquettes.
Another approach which is being considered is: Get one of the pitmaster IQ110 units with the barbed connector, and use a header on the inside of the firebox to distribute the air around the outer edge of the coals. The header may be something as simple as an old circular gas burner, which has been turned up-side-down (to blow the air down towards the coals). This will encourage a more complete burn to the edges, and perhaps make the basket not needed (more volume for coals then).