i stumbled across this method last year when i had first started fishing with beads. only difference is i put the bead a little further up my leader.
i've had good luck on this kind of rig and im a firm believer in using the bead as an "attractor" and typically will use it for a good number of drifts each outing. for late fall/winter steel, i always use one of the bigger, 10mm beads in an annoying colour like chart. or cerise