Hi Rocketman
What are the advantages over a lindy rig? A 3-way allows an angler to set the distance a bait will be running above the bottom with incredible precision. The weight rides the bottom and the bait stays at a fairly consistent height above the bottom too. A lindy drags on or near the bottom and so does the bait. You know where you’re weight is… but knowing where you’re bait is at in current presents a different challenge.
Could a bouncer be used for the weighted end? No, not really. Bouncers are best used in almost a vertical fashion. If you run them back behind the boat and exceed a 45′ angle, the bouncer falls over on its side and drags on the bottom. When that happens, snags are inevitable and your bait drags on the bottom behind the bouncer. Not my first choice anyway.
Determine the distance from the sinker to the swivel based on how far you want your bait to ride off bottom. Less distance for bait, more distance for cranks since you have to take into account that the plugs dive.
Here’s a pic I had handy from one of my seminars:
Hope this helps.