Hi Claxton,
The amount of weight will be somewhat dependent on the amount of current, depth etc... for the yakka and squid make sure you have the sinker above the bait so it can still swim a bit or use a paternoster and have a resonalble length on the dropper. You don't need to much weight, just enough so that you don't have the yakka swimming around like an idiot tangling your other lines.
I would definitely try and give squid a go because i think they outfish yakkas and can be more effectively baited on hooks and are more durable to things like tailor.
A 2 hook rig should help if you encounter tailor that have tendencies to take chunks out of yakkas and de-bait your hooks without you realising which is a pain in the ass and happens all to often, so regular checking of your baits is necessary.
The squid guts make an awesome bait and whilst are pretty bad to handle pay off with the kings attraction to them.
Have a look early for fish hitting the surface and have some lures rigged up to throw or troll around them then you'll have some good tidal flow from about 8am onwards which is a good time to find the kings on the bite.
Good luck, let us know how you do.
Josh