An 8′ rod will be a little long for a hand-held 3 way rod but should work well, if the action is a moderate / medium as stated, for pulling everything from 3 ways and live bait to 3 ways and stickbaits from the rod holder. You will, of course, be able to fish this rod in the hand in a pinch w/o any issue beyond a sore wrist. If the price is right… big deal. 
On the big river where we can run two rods per man I like to use a long “outside rod” positioned slightly ahead of me in the boat… but within EASY reach. My hand-held rods are 7 – 7.5 foot st. croix rods with a moderate action. these rods a are a graphite rod and I like them for their light weight and sensitivity. Coupled with a low-profile casting reel with a flipping switch you’ve got yourself a great set-up for fishing 3 ways. 