Here's a better idea.
Take a pool noodle, one with a hole in it the middle like a giant straw, and cut a couple 6" pieces out of it.
The higher quality ones are denser and float better.
Wrap a rubber band around it.
Run your line through it to the appropriate depth.
Make a loop below the noodle.
Stick the loop under the rubber band.
It will float a couple ounces, but when its pulled on, the line releases from the rubber band and it will slide on your line.
When you want to pull up and move, you can slide the pool noodle over the tip of your rod.
As a disclaimer I've never caught a fish this way, but it does work for floating the bait, and a good yank on the line will dislodge it from the rubber band just fine.
Pool noodles also work great for spooling leaders. Rig a leader. Start with the loop end of your leader and wrap the leader back ontop of it, tightly. Wrap it around until you get to the hook. Sink the hook into the pool noodle.
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-Jason D.-
Pearland, TX....Freeport, Galveston
'07 Trophy 2302 WA w/Verado 250, pro package, Green hull "Sugar Mama"