ed,
i use this rig an awful lot, and, in answer to your question's,1 no i dont think its the most versatile, due to it being an in-line, if you are fishing over silt, the lead will drag your hooklength into the silt aswell, and also, 2 yeah the hooklength does matter for that reason, plus it also depends how far up the leader/tubing you put your bead, to how far the lead will come back. plus if you tighten up the line to the lead after the cast, the lead should be bang on the swivel!
hope this helps pal
bill