I had a similar situation this season. Drip from the ceiling, but wasn't as bad as yours sounded. About one drip per minute. I wasn't thrilled about it, but we had a kid there to wipe up anything that fell. I told both coaches about it before the game and said that if any one of the 3 of us (coaches and me) ever felt the situation was dangerous, we would discontinue the game.
Believe me, I watched that spot on the floor like a hawk the whole game. I thought one kid might have slid slightly, but my partner said it was not the spot where the drip was falling. If even one kid had gone down, we would've stopped it.
The kid with the towel did a great job and it was not an issue at all in the game.
In your sitch, I think as soon as anyone (yourself included) slipped, I would've stopped the game immediately. In fact, now that I re-read the story, I probably wouldn't have started the game in the first place. If you need a bucket, that's probably a good indicator that it's unsafe.
