I currently have a worm bin myself, however it is inside.
If you are going to spend money only spend it on worm 20/lbs.
The biggest problem with a worm bin is too much water, not enough drainage.
They dont need water, never put water in it.
They can live off just moist cardboard for a month, so dont use peatmoss.
All you need is sand/dirt thats 1/10 the weight of the worm. Crushed eggshell would be even better.
Then add the worms weight in greens every other day(or 3 times their weight once a week)
The cardboard is added to keep down odor esp indoor and to absorb excess water.
The only thing that the worms eat is the aerobic bacteria that eat plant stuff. The worms does eat vegetation they are "carnivore".
If your worm bin get too wet, the worms die due to lack of O2. So dont close your fridge and cut off O2
Also if the O2 level goes down the aerobic bacteria die off, and the worm starve. Anarobic bacteria will however take over and the
compost will get hot and smelly.
Once the temp of the compost get below 40F or over 86F the worms hibernate. If it gets below 31F or above 95F they die.
Fridge have alot of hazardous chemical in it. I would not want to leach that stuff into my soil.
So what I would do is. buy lots of worms. Find away to keep the temp at least at 45F(bring a smaller bin inside)
Then I would bring in compost to add ever other day. After keeping the compost outside above freezing.
You never want the bin to be more than 8 inches deep, you want maximum surface area