if you are fishing for salmon on the fraser then i agree with rod. all you need is a weight hook and roe. but...if you are a fishing for steelhead then...many steelheaders use the drift fishing technique which sometimes uses a combination of wool, corkies(small bait floats) and bait (if allowed). although there are a lot of people who are anti flossing because you are not getting the fish to bite, when steelheading certain rivers this drift fishing technique is very effective and you are definately not flossing the fish. i have also called this technique bottom bouncing but it varies greatly from the type of bottom bouncing that is done to catch springs and sockeye on the fraser (primarily the type of weight, hook size and especially the length of leader). check out
www.steelheader.net to see diagrams on this type of rig as well as others for different types of fishing techniques.
regarding wool on the hook, a lot of old time fishermen believe that the color of wool has an effect on steelhead fishing as well as it helps preserve the bait scent as well as it helps in hooking the fish when it bites because the wool gets caught up in the teeth when they hit. i believe it can also add a little bouancy to the hook...keeping it off the rocks. whether any of this is true or not i seem to catch a lot of steelhead and large trout using this method on various rivers. i am not flossing any of these fish and you can definately feel the bites (which are not too big especially when fishing for winter steelhead...except for the aggressive thompson steelhead and trout.
my rigs consist of #1 or #2 odd steelhead hook (red), wool (yellow, white , red or green), a corkie, pencil lead held on by a swivel and rubber tubing. i use #12 lb test leader which varies from 12-24 inches usually.
just my two cents.