Freelining or bobbers is the way to go, never used the 3 way method though. If you are using a levelwind style reel keep it open, just dont forget the clicker and the drag. If you are fishing with a baitrunner style make sure they are free spool with clicker on and drag set also
Man what you should do is buy some eel`s, then fish em any way you want to! Some people say this some people say that! You`ll feel better about yourself if you catch em with your own set up! As in, you pick the size hook you want, the type of leader,how much leader, bober no bober... trust me on this one you! Chum brings dog sharks dog sharks eat eels at 2.50 a pop it ant worth it!