IMHO, rigging the hook perpendicular (normally, thru the bait) is the best way to go.

 

Two O-ring, in an x does the trick.

Two O-ring, in an x does the trick.

 

You know, I actually have seen this done. I guess it seemed like more work. My assumption would be though, that the black or clear shrink wrap would actually hold up better. Have you found this to be true, or are both about the same?

I think I mentioned it before, shrink wrap is the most durable.  The two o-rings takes the same time as one.  You just go under, over, under with the hook point.  Two seconds.  real fast if your under a time crunch, like in a tournament.  Shrink wrap is an off the water affair.  If I have time, I'll pre rig a bunch for a day on the water with my kids.