I put small split shot about 1 -2 feet above a fly/lure (they're called Joe's flys {also from Wallyworld}). It's a fly w/ a small blade spinner and a trailing treble hook. They're deadly! 8) I've caught Trout, Perch, Bluegill, and small Bass on them.
When using a bubble, I tie my leader just a few inches shorter than the rod I'm using.
Oh, and Pondfisher. You didn't say what you're fising for, but I've been having luck latley (on Bluegill and small Bass) using tiny poppers and small hoppers. Use a bubble to cast. Have you tried the smaller Pistol Petes ?