I used it for ledgering Christian.
I had a half ounce weight on the line first, then a bead, then a powergum stop knot which could be slid up the mainline to create a long or short hooklength as I wished. The powergum was then tyed to the mainline via a swivel or ring, followed by a smaller diameter hooklink.
It would work the same for a float set up. As I say, it is just the same as a pole set up really. The powergum does a lot of the work, but enables you to use a finer hooklink.