That rig is not the best idea for Reelfoot due to hangups. Weight above the hook(s) helps to free the hook when you hang the stump. Floats also impair our ability to reckognize hangups quickly. However you are probably using light wire hooks to bend them out when they get hung. Like Cracker and Yankee alot of times they just pull it out and let the hook bend. Me using my jigs bending out the hook is not as easy. But i rarely ever lose a rig. I might lose one rig every few trips out. Its a matter of getting a feel for it then you lose less tackle. I never worry anymore about losing tackle.
You do well with floats as do most of the guides at Reelfoot. Watching a float is easier to learn than tight lining so thats where it probably started. Also fishing shallow water and/or very shallow suspended fish the float helps. There are certainly times where I know if i had floats on I would be doing better. But for me as you know I love to tight line. I beleive that if you can figure out tight lining you are less likely to set the hook too early or too late. With the floats its kind of "see it go under, pull up the rod." I guess? I knwo there are alot of times I get bites and I dont grab right away because I know the fish just doesnt have it yet. The fish bite different on different days and I judge my hook set by the type of bite i am getting. But believe me there are days where I get bit alot and cant land the fish. And thats mostly fishing at a depth of about 3ft or less. You have to be so quick, and thats where the floats come in handy with those really light bites when the fish are suspended just under the surface. Also Rick tight lining requires better equipment than with floats. I love the pro trollers for the strong backbone and the softer tips. You can get away with really cheap equipment when you use floats thats not so forgiving tight lining. We both know some really good fisherman that tight line and some that use floats. I say stick to what you know and experiement with some of your better equipment on tight lining to see if you like it better. But keep that weight above the hook or you will hang up more!