With a hook that heavy and large it may not be feasible, possibly just too much weight to overcome. But with a bigger floating bait that's more surface area so it may offset the weight of the hook to the point it still floats. There's so much physics involved between the surface tension o the water, surface area of the bait, weight of the bait, buoyancy of the bait, weight of the hook, etc you would really have to sit down and crunch some numbers to really find out if it would work or not.