I've tried to use a ballon before but it comes back in with the waves. It could work with a north wind and outgoing tide I imagine. I'd just try to to get it out past the breakers and see what it'll do. Your 4/0 will work for smaller sharks. I've caught a 6 footer on mine before using 40 lb main line with a top shot of 80lb. As far as bait goes, cow nose rays, horse mullet, whiting, southern stingrays or skipjack all works well. Make sure you get enough of whatever so you can change bait often to keep it fresh. Depending on current your 6 oz weights may not be enough. You may have to double up your weights to get a good stick. Hope this helps.