How do rig up for live bait in terms of leader, swivel, hook, weight, etc? Does your technique differ for anchoring or drifting? How do you drift?

Here's what I use that seems to work well:
1-1.5 oz barrel sinker, plastic bead to protect knot, barrel swivel (size 1-5), 4-5' 20lb fluorocarbon leader with a #4-1/0 circle hook depending on the size of the bait.. I use the same rigs for drifting as well as being anchored.

i use the same exact set up, except i use a shorter leader about 28" then the shad dont get tangled as much if you put out multiple rods when on anchor.

On the length of the leader, under fairly calm conditions, I will use about a 24-30" leader. But when it's windy/rough, I will use a longer leader. Because the boat will be pitching more up and down, lifting and lowering the rods more and thus pulling the weight up and down. A longer leader allows the shad to swim a bit easier and not have to endure being pulled up and down and swimming more naturally.

When you drift is your weight on the bottom?

normaly keep weight off bottom. You want the live bait to swim freely. Find the active fish and drop the live bait to that depth. usually fishing straight down when fishing for sandies or striper/hybrids. A lot of times when fishing live bait its all about the depth you are seeing fish. Most active fish are near the bottom under schools of shad so you will want your live bait about 2-3 cranks off the bottom and work up from there till you start to get take downs.