Yes. You can use any live bait to fit the size of the hook. Use Wax Worms or Maggots on the #4, #6, or ,#8 size hooks. You can use minnows in the same way as people fish them on a plain hook. Use a minnow on a #4 or a #2 size hook. The basic idea of a Pinmans tear drop is you do not have to use a split shot like you do when using just a hook. I use my weighted slip floats for additional casting distance since I do a lot of bank fishing. Instead of live minnows you can also use any two inch soft plastic lure on the #2 hook and any one inch soft plastic lure on the #4 or #6 hooks.
Mike