Drifter obviously knows his stuff. I only have one SMALL difference of opinion about floats. The backer rod floats are so soft they tear easily. If you snag bottom and jerk back a bit the float will be ripped in two. I like the Gibbs dink floats. They cost about $1.00 but are durable and if you follow this tip you will lose very few:

Rather than rig the float as shown in the instructions i.e. through the top hole, around the float and through the bottom hole. Try running the line through the top and out the bottom without a wrap around the float. Instead take a good-sized rubber band and wrap it around the float after you have run the line in the top and out the bottom. That will hold the float tight to your line allowing no slip but it eliminates the wrap around the float, which is what causes it to cut in half, and it keeps the float on the line even if you break off your leader. You can make the same float last a very long time this way and it is easier to adjust the depth with the rubber band trick.