Agreed, if you want to keep a live bait down by a structure/wall/pier then you will need a heavy weight to anchor it in place and stop it swimming away out of the predicted strike zone.Hiya mate its easier to try a 5oz weight or 6 so it gets the macky down as if it is just swimming anywhere with no weight chances are it will stay a distance from predator fish. so a heavey sinker and a nice trace with a hook on and then drop it either down wall or in close all depends on where your fishing, but without some kind of weight i think it would be harder to hook something as it would just act natural and keep away from areas where as if you were down wall where the bass prowl the bass has more chance of hitting it
However, if you are fishing off a rock ledge, over a reef or even an open beach then Steves free-roaming technique would be my no.1 choice. I would personally use a circle hook though for efficiency of hooking. It's about as direct as you can get just you, rod, line and hook. It's an all or nothing technique though, you may have to endure a few blanks but eventually law of averages states you will get the result you are after. Good luck!