Nathan,  The only downside about the clamps is they damage the plastic bags, which aren't cheap.  I'll bet you can creatively stuff the bags in the drum so you can still get multiple uses out of them, even if the clamps poke holes thru the plastic.  

I like the chainfall idea for rolling up the hose and hanging the reel from the ceiling, or higher up the wall, as long as you don't lose too much length.  Should be something Youtube about how to DIY a chainfall that would work.  There are also plenty of evil genius types on here (LBD) that might have an idea or two.