The way I'v done it is with a 3-way swivel, 1/2 oz or larger drop sinker with foot or so leader and regular barrel swivel on bottom. Run another foot or so leader to your bait, length depending on lure and weight.
I use pretty much only on deep water fish and "push" jigs, flies or the occasional minnow. Have read success using this method with crankbaits. Big advantage I like is much less line to reel in than longline trolling, but more terminal tackle to deal with.