This is a method I regularly use, I was taught by the Bonito fishermen around Wollongong.
Basically they fix the float with a sinker underneath it, then 3m of leader and at the end of that is a skirted squid (white normally works well). The whole concept of the float (with weight attached) is to get your unweighted skirted squid out as far as possible.
Lethal method when fishing for Bonito, and you always get the by catches such as Salmon, Frigate, Slimies, Kingfish (never really got a legal one using this). The only problem is it's very tiring after a little why as you will find that you must use a 12ft rod for this method....the trace is just simply too long to cast out with any other rod and achieve distance.