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If you have a bait needle run some dacron loop between his eyes and attach it to ya hook preferably a circle hook then do what ever you want with your leaders. Works better with bigger bait as well. Depending on what your chasing 4-6 knots is a pretty good start
When trolling livies, its pretty hard to go much quicker than 1 or 2 knots. Above that they will start spinning and die on you, let alone at 4-6 knots! On the old boat, the perfect speed was with one motor in gear at idle.
A great help when slow trolling livies is a downrigger. You can get away with breakaway sinkers, but in the long run it is worth buying or making a downrigger.