Rich,
I've been musing about this on and off, too. One thing I considered (but haven't tried) is to use 2 nursery pots. One remains unchanged. On the other, cut the majority of the sides off so that you basically have a nursery pot that's just a few inches high. (The height will determine the depth of the water reservoir.) Then use a plastic bag as a liner for the smaller pot. Put the shallow, lined pot inside the unmodified one. This should hold water up to the level of the smaller pot and then spill over the sides, and the water will drain through the holes of the larger pot.
You'll still have to rig something up, e.g. the way Bill's Figs SIPs do, to keep the bulk of soil out of the water reservoir. I haven't thought that far ahead yet. Maybe you could try a third pot, a bit smaller, with the sides cut off, turned upside down and placed in the reservoir. That would create a void for the water to occupy but also allow for some soil to fill the sides of the reservoir wick water up.
I'm pretty much winging it with ideas now, so I'll stop. If you try it, let me know how it goes.
Jim