That is a perfectly acceptable way. If the fish are relating to a depth from the top, a float is the best way. If they're relating to a distance from the bottom, then a drop shot could be a better method.

If you are trying to keep the jig mostly still, try maribou. It looks like a wet dog out of the water and when moving, but when holding still, the fibers/feathers fluff out and look like they're "breathing". If you apply a juice or sauce of any kind, apply it near the head, not on the feathers that "poof". That stuff will kill the action of maribou.