Hi Neil, that is an identical setup to my Wye rigs, fished in slack water behind flow obstructions or under overhanging branches , I normally use a Bobbin indicator , which is far more sensitive than a straight line to tip setup, Although I do not use a long drop, just leave the “pin on freespool .
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I use “large” lumps of Spam or really any similar luncheon meat, brand immaterial as I always fry it up in Garam Masala , I hook the spam by fastening an elastic bait band to a hair, then pull the bait band through the spam with a needle, and slip a bit of bankside greenery under the band ( this sounds daft but I prefer a piece of nettle stalk , its a bit more robust than grass and there always seem to be too much of it wherever I make a swim ) it seems to work ok, it does not pull the hook through the meat, just usually pulls the bend of the hook into the surface of the bait.
I have had Barbel to about 12 lbs on the above rig, lost what I considered to be larger fish due to hook pulls.
The one thing I do notice though is that I will get the indicator diddling up and down due to the attentions af small fish, its a case of gritting my teeth and sitting on my hands until there is some proper interest.
The above is also a good system for sorting out the better chub, which have occasionally put in an appearance , my best on the above rig using what I considered to be a huge bait was 7lbs, quite how it managed to get it in its mouth is beyond me.
David