Welcome to the board. There is a lot of information on the board, if you use the search feature.

follow this link and it will take you to a quick tutorial on setting up your float rig.

http://www.piscatorialpursuits.com/resourcecenter/floatfishing.htm

Depth will vary, but, if you find your float leaning down river, you're dragging bottom, time to shallow it up. You just have to experiment with it to find the right depth.

There is a PP member in your area that may give you some better tips for the local area.