The most sensitive float is the one with the least amount of float sticking out of the water. This also means that the fish feels the least amount of resistance. What you're talking about leaves the entire float on top of the water. This maximizes the resistance to the fish and minimizes sensitivity. That's the exact opposite of what you want.
It can be fished that way but, for the reasons I mentioned above, it's not something you want to do.
Yes, that's one of the big advantages of a waggler -- the ability to show lift bites.
I don't understand your aversion to having weight down the line from the float. You need some weight down the line to aid in sensitivity. That weight can be in the form of a small split shot 6"-18" from the hook or a light jig. Either way will work.
I abandoned my float methods about 15 years ago for the English style taught to me by my mentors (two transplanted Englishmen.) If you put a gun to my head I wouldn't go back!


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