I prefer .42 or .50 maxima for hook traces. Simply becuase its a hard line and doesn't wear out so quickly like the softer DoubleX and Siglon. I've also used .45, .50 and .55 kingfisher for hook traces.
Sinkers, as light as possible. Depending on your tackle, anything from 1/4 ounce to 3 oz. Remember, you're not casting, merely droping your bait to the bottom. Ball sinkers, barrel sinkers, bottle sinkers all work.
Baiting is is VERY simple. Fillet a pilchard. Now cut the fillet into 3 thin strips. Use a single strip on a hook, with-out using cotton!! Another option is to cut chokka into thin strips, tenderise and hook a peice on and THEN add a peice of pilchard. Once again, we never use cotton on the boat to tie bait with. Since you're not casting a bait, simply dropping it, no cotton is needed to secure the bait. Similarly, when using mussel, simply cut a large mussel into 3 peices and thread on a single peice, also with no cotton. With prawn, you simply thread ONE prawn onto the hook and then drop the bait to the bottom!!