Mine is bolted from the bottom using bolts and T-nuts on top. Being the chicken that I am I think I might sneak some plumbers straps in the middle.

1) I have seen many of you paint the bottom with roofing emulsion. Would I only paint this up even with the rim, since I will be attaching the walls to the exposed part?
Yep you got it. Where you will put glue you don't want anything else. You do want to seal everything else you can get to. Just tape off the parts you will be gluing.