That's about the best choice you can make. Not only is bait under a float a very effective technique for hatchery steelhead at this time of year, but it's easy for anyone to see when they have a fish on!

I'd rig up a sliding float on your mainline to a swivel. Attach a slinky on the end of the swivel, and attach another swivel on the free end of the slinky. The slinky should heavy enough to lift your float upright in the water, drop it down to the proper water line, but not so heavy that it dunks you float completely under.

Put about a 30" leader on the swivel. Put a couple pieces of big split shot up the leader (a foot apart or so). Put a very tiny split shot on your egg loop, so the hook gets down and deep in a hurry. Use sandshrimp tails and some cerise yarn.

12lb main and 10lb leaders will be fine. You can even run 10/8. A big 1/0 or 2/0 hook is all you need.

Later, in the spring, you can use this same set up except replace the bait with a pink worm for the big, mean natives. Works great!

This should easily get you and your wife in to some fish.