unless they are hybrid container varieties or you set up a hydroponic system, I don't see how that would work.

I don't think they're hybrid, but I found this article and it peaked my interest: http://www.telegraph.co.uk/gardening/gardeningadvice/5054902/Best-tomatoes-for-hanging-baskets.html

They are recommending 6 in that article - do you have any of those?

I do...I have Hundreds & Thousands seeds...I was wondering if it would work well, as well as if the Hundreds and Thousands would grow longer than the ones shown in the picture... it seems like a smaller plant if it doesn't. Have you tried it before, Rina?

No, I don't grow tomatoes in hanging baskets. But I had in pots, tried some so-called patio tomatoes.
I grow lots of annuals in hanging baskets, I think it's no different than growing tomatoes.

(Sorry, I didn't realize that Hundreds & Thousands is actually a name of tomatoes).

The site is giving "how to"; you need something to line the basket if you are using the wire-type basket.
Jute liners are pretty good looking, I am not sure what else you would rather use?
You could use hanging plastic pots, in that case no liner is necessary. They may not look as nice.
If you use jute, you could actually poke a holes in sides of it & plant some plants there too...You will get very full basket that way.
Size is up to you I would think. In bigger basket you can plant more plants. I guess it depends also on space you have available.
Watering will be important since plants will dry out much faster than if potted in ground.

I am debating over a jute-lined wire basket or just using on of the larger plastic hanging baskets I have...the plastic alone probably wouldn't have enough insulation though, correct?

i just realized that I read "hundreds and thousands" as "hundreds Of thousands". That variety seems like a container variety. sorry.

It should be warm enough by the time tomatoes should be planted outside, so I would expect them to be 'warm' enough in plastic. In case of cold spell, basket could be brought inside.
Where would they hang - in the garden or balcony?
They may be 'too hot' in plastic in summer, so make sure that you use white/light color rather than black/dark color.
Hanging baskets are also more exposed to winds, so they would dry out faster.
But monitoring the soil should take care of that.