Here, at around 15:00 on the video, Greg shows how he uses a drop shot to fish beds. Drop Shot Version
And, one well known regional fisherman from the west coast was in a tournament several years ago and learned that he could drop shot and almost swim the bait back to the boat in a particular depth of the water column and fish were loving it.
Finally, isn't it Donald Harper, here on TFF, he may already have responded, who is a proponent of using a beefed up drop shot to flip/pitch/punch with? As I recall, he lets a large weight sort of "lead the way" with his plastic being pulled behind (instead of being led by a nose weight) and has great success getting it down to the fish.
It's really a very versatile technique isn't it?