I don't see why it wouldn't work. A weight in front of a crankbait will make it run deeper than if you used the Adjusta Bubble. So I guess it depends on how deep you want the bait to run.

BTW: When I lived in New England (Mass & NH) I used that same bobber for everything for which I fished. I remember a day on the Nissitissit when we found a school of Yellow Perch and tore them up with yellow foam spiders about 2' behind the bubble. Two of us must have had 100 fish on in an hour or so. Fun times.