I have used it, either put a slip sinker on your line then a small split shot on the hook side of the sinker to whatever depth you want your bait to be off the bottom. I usually leave an extra foot of line off the spool to let them run a bit before the have a chance to feel anything. The other way which works best when they are suspending or right under the ice, is to pinch a small split shot right on your hook to counter act the floating power bait then cover it all with power bait and drop to whatever depth the fish are.
