When nested, the inner bucket indeed rests above the spigot, as I had hoped. However, the end of the spigot itself is level with the bottom of the bucket. I decided to twist it so it's angled to the side instead of straight up and down, or else it will be touching the floor.
Here are some photos of the preliminary set-up. A friend lent me a drill, so I am going to put holes in the bottom of the inner bucket tonight.
I've been storing food scraps (mostly banana peels and egg shells) in the freezer for about a week, and it's getting surprisingly crowded in there! When my Bokashi mix arrives, I'll have plenty of material to start composting.By the way, I heard a rumor that Whole Foods carries Bokashi mix. I went to the Glendale location and spoke with associates in both the house cleaning and gardening departments - no one had any idea what Bokashi was.