Great link David and I have seen that rig or similar used to good effect in the past. 40lb fluoro may seem heavy but that rig has to be ripped through kelp and rocks constantly. For my own part, on a dedicated wrasse trace, i prefer to fish 3 hooks on short snoods with 1 dangling over the lead, 1 6 to 8 inches above and another the same distance above. I just find that easier to work over snaggy ground.
As far as hooks go, size 6s and 4s in either a strong kamasan or hiro short shank pattern are what i use as they are the best out of whats available to me here. As far as beads etc go, 2 lumi beads and a yellow microbead work well, as do combinations of small red and yellow or pink and yellow with small silver or yellow blades.
As far as shop bought stuff goes, shamrock tackles bleeding glowworms in conjunction with a yellow lead work really well. Cut them down so you have one hook trailing over the lead though.
Hook sizes may seem small but anyone who has ever floatfished for wrasse will know how adept they are at robbing baits. Small hooks mean small baits and many more hook ups. Even big ballans can be shy. When all else fails, go small and plain. Coloured leads, for the most part rock by the way