Here on the outer banks of NC we use just about anything that will bleed and put 'em on a hook. Mullet, croaker, pinfish....they're not real picky. I've caught sharks on anything from light tackle spinning to the big offshore rods with 100lb + test line. I have a corner of my garage that looks like I robbed a fishing tackle store!! :-D
Sometimes we float bait off balloons, sometimes we put 'em on the bottom. It's a hoot to catch a biggun on any tackle, and when you can't catch anything else, you can ALWAYS catch a shark!