How do you set up your rods for the punch bait, and where do you get the punch bait? ?
My $.02, slip cork rigs seem to be really popular. I've never used one so I can't speak to the exact configuration. I'm sure many of the folks here can fill in that information gap. I use a carolina type rig. #4 or #6 treble on a leader about 18"-20" long tied to a barrel swivel. On the main line above the swivel I use an egg sinker. I generally use 1/4 oz, but that's my preference for the gear I use so I can get a decent cast without having a super-heavy sinker. I've used heavier but it seems to make light bites harder to pick up.
As for punch bait, there are a million different options and everyone has a favorite or favorites. I've used SureShot, which works great, but it's a logistical challenge to get ahold of unless you live in the Denton/Decatur area or you don't mind waiting for shipping. Danny King's blood has always worked well for me and it's pretty readily available at most of the bigger outdoor stores and bait shops. Same with Cj's and the Team Catfish products. There are a few fellas here that make their own concoctions that seem to be pretty sucessful but I haven't tried any myself. I'm working through a jug of homebrew stuff out of East Texas called Padgett's and it works just as well as any of the others I've tried. I personally stay away from the dough bait stuff that you get in a bag. It tends to be dry and hard to keep on a hook and in my experience it doesn't work too well.