I was actually just about to re-up this post myself as this post has inspired me to tinker around with larger swimbaits for walleyes over the past couple of years. This tinkering has led to very little success (although part of that may to be attributed to a lack of confidence and not sticking with it long enough), until this past weekend that is. I had always fished these baits as the OP originally described, slowly reeling them with frequent pauses to keep the bait near the bottom. However, after seeing John Hoyer write about it and watching his show on the Next Bite I decided to try ripping larger swimbaits on cabbage edges and what do ya know… fish!
I had the most success on a 5″ Berkley Grass Pig on a 1/2 ounce Berkley Fusion Swimbait head. I would throw it out, let it hit bottom, and then rip it up 4-5 feet basically as hard as I could. I would then let the bait free fall to bottom and proceed to rip it again as soon as it touched down, all the way back to the boat. It was kind of similar to how I fish a jigging rap, but I was using a heavier baitcaster (one of my bass rods actually) and the fish were actually eating the bait on the fall as opposed to pinning the bait to the bottom. This meant that I had to keep the line semi-tight on the fall and watch it like a hawk, because I found myself missing fish when I went to rip it again instead of actually setting the hook. This can probably be attributed to the large hook on the jighead, as opposed to a small sticky sharp treble hook on a jiggin rap.
I fished several baits in this fashion, but had far and away the most success on the Grass Pig (bottom bait in picture). This technique produced about a dozen fish for me last weekend, with roughly half of them being over 20″. Nothing too crazy, but definitely enough action to continue to experiment with this style of fishing throughout the season!