Thats something else that works real well. When i did like that i would have towel hanging to where just the end was in a bucket of water so the towel acts like a wick.
I tried that but it didn't work for me.
However, I am in a tight space and could only get the towel 6" away from the fan. I would guess the type/thickness of towel would be another variable.
I ended up like you with a bucket underneath but would drop the towel down into the water twice a day then peg it back into place, using the bucket to catch any excess.
P.s. I should have mentioned (the obvious). Safety first. Always remember electricity and water don't mix. Well, they do, that's the problem!