<Note: The following views expressed are strictly my opinion and in no way should be construed as the only way to do it. Your mileage may vary
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As anyone who has been to one of my seminars will tell you; I subscribe to the KISS theory. I use two small squids on a 10/0 circle hook. My rationale is:
1. Not always knowing the experience level of the anglers involved, a circle hook fished straight out of a rod holder eliminates buck fever. All they have to do is crank when the clip is popped.
2. I cut open the stomachs of every fish kept and what I've found is pretty amazing. Most times if they have been eating squid, they are the smaller variety. When I do find one that has been feeding on larger squid or fish, they almost always are slashed.
3. Most times with the smaller baits, the swords will come up and just inhale them but occasionally do slash. If I do get a hit that doesn't result in a hook-up, I grab the next rod and quickly get that bait to the same depth. It's one of the other reasons I don't use jugs or balloons.
Again, as I've said countless times, I'm not knocking anyone else's way of doing things. I always end my presentations with 'Find what works for you and begin the lifelong process of tweaking the system.'