Yes it will be like looking after a baby!
tho you won't have to burp him!
No I wouldn't keep it on all
day, just when you can't supervise him, and definitely if he's going into the litter box, whip it off so he doesn't poo in it.
Be prepared that it will take him a bit of time to get used to stud pants, as my cats lay down and didn't want to move at first.
Good luck on finding a crate. Do you have Freecycle
where you live? http://www.freecycle.org/group/CA/Ontario
It's a great service and someone just might have one kicking around in their garage. You could join and put in a "Wanted" request for one. Good luck!