A drop loop rig with the weight at the very end and the hook about a foot up is pretty widely used. Don't have to worry about a float then.
My problem with using a santee cooper rig or a drop loop rig with punch bait is that by the time I know there's a fish biting, they've spit the treble hook out because they felt the weight. Unless they are being extra aggressive, then it really doesn't matter. With the slip float, I've got a little more warning before I set the hook.
Besides all that practical stuff, there's nothing like the excitement of seeing the float take a tiny dip...go back up...I reel in a little slack...boom it goes all the way under...I set the hook, and it's on! I love slip float fishing!