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I've been thinking of the same thing. Hope I'm not hijacking, but here was my idea. Rather than using plastic I was going to partially bury a heavy rubber stock tank. The local farm store sells 140 gal tanks for around $80, and at 1/4" thick rubber I would think it would last quite a while. My thought was also to build a slanted frame on one side and cover it with corrugated steel to provide some run-off to help keep it full. A 4'x8' sheet should roughly quadruple the rainfall amount in the tank.
Anyone tried something like that?
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I've seen something like that on shows filming in TX and Africa, except they poured concrete for the tank.
With the tank, I'd just be worried about small animals falling in and not being able to get back out.