Is this a good way to make this rig

I saw this rig on a video online but I don't have any peg floats but I did have this one so I put it between 2 split shots tested it in a big cooler and it still floated the other differences is I put a snap instead of a straight hook what do you have guys think

probably tangle in the water- too much dangly stuff

OK scratch out the other idea I forgot I got a ajusta bubble from my dad for Christmas and I didn't know what to use it for at the Tim le but CV now I finally found a use for it