Gday mate for me poddy mullet win hands down stay on the hook better and stay alive longer in the live well.When i used to live in QLD fishing for jacks i would hook the mullet with a 4/0 or bigger just below the dorsal fin and this seemed very effective with the nasty little red critters.This way bait can still swim freely and hook is still nice and exposed.
But thats only what i reckon mate everyone has a different method.
Good luck
Rob