This last summer I did some experimenting with circles out at Neah. It was one of those times when it didnt matter what you put out so I figured might as well try something new. I used 2 4/0 gamagatsu circles with a cut plug. (4/0 circles really arent as big as you think).
I think a combo like you are talking about with a circle on the top and a regular octopus hook on the bottom is the way to go. Hooking fish was not as easy with the double circles (hard to watch your rod that long without wanting to jump up and set em) but once you let the fish hook themselves they didnt come off no matter how many jumps or head shakes the fish would give you. Cant wait to try the circle on top owner cutting point on the bottom, think that will be unstopable.