I've been using the milk jug method for as long as I can remember.
It's time consuming, but does sustain the tomato plants well. Dad said another advantage to this method is that the water goes down, instead of out. This encourages the tap root to go deeper, where there's more water.
I used to use a #8 drywall screw and just let it self tap a hole, then unscrew it. It works well for a while. After time, mold and debris will fill the hole in. I've had better luck in the last few years, making two holes, and ripping the drywall screw out, versus unscrewing it. This makes a bigger hole, and allows me to water more plants in less time.
I wouldn't recommend putting a lid on. They drain slow enough, with a lid, the water would evaporate as slow as it came out....if it comes out at all?