This works very well short floating for steelhead with. Although I fish mostly bait my boy who was quite young at the time once tied up something similar to this many years ago for me. As he spent some time tying it for me I gave it a try.
I still remember the spot, a bit of a side channel between Lickman and Peach on the Vedder and on the second or third cast there he was. I believe I had him on for a short time before losing the steelhead.
I know people that fish this way SF'ing and do well, they do not like messy roe so they fish this way all the time with good results. Some mix colours into the tie and their was a famous one made by a famous Vedder angler now passed. There was an article on this in the Vancouver Sun many years ago. As I am afraid of getting the name of him and the name of the wool tie wrong I better not post it. Someone else may post it before I find it.