This is a great method that I've been successfully using for several years (though I used to protest the idea of it)....
In reality, this method is not only effective, it's a tremendous time savor, especially if you're fishing rivers for steelhead or trout because you can switch back and forth between pink worms, egg baits and even soft beads without having to change leaders.
This rig also comes in handy if you're fishing by yourself in boat because it's fast which not only allows you to keep fishing, it also allows you to rig up quickly so you can make sure your boat doesn't drift into rocks, logs, the bank etc. while you're busy trying to rig up.
How to setup a drift fishing rig: