I have been saying for years that the so called "steelhead rod" is a great all-round rod.
In related news, the BASS guys dropped the 8' rod length limit from their rules. Consequently, I read a recent In-Fisherman article that mentioned how the BASS pros have discovered how good the -- wait for it -- steelhead rod is for finesse fishing.
To answer your question, yes, it would be great for float fishing. It's just a long spinning rod that works great in a lot of situations.