We've used Danny King's punch bait for years. #4 treble hook, 16" leader, swivel, 1 ounce egg sinker on the mainline, fished tight line on the bottom. You can also fish it under a float with less weight. I use a old butcher knife with the tip broken off to shove the treble to the bottom of the tub. This bait has fibers in it that will snag the hook, and it's not bad smelling. Keeps well, greasy, so once it hits cool water it firms up and stays on the hook. Sold in pints and quarts.
You can always use cut bait on a circle hook.