How do you fish with this rig and what lures should I use?

Fish it slow. Rig it with a 6" Roboworm (although just about any plastic worm will do). I use mine on a light action 7' spinning rod filled with 6" test Fireline Crystal with a 3' section of 8# test fluorocarbon leader (for abrasion resistance). A 1/0 worm hook will do just fine.

To add to what Crestliner advised, please consider using a Carolina Keeper on your line and a small bullet weight in place of a split-shot.

 

A split-shot can crimp your line and you will have an unknown weak spot.

 

If you put the bullet weight on the line followed bythe Carolina Keeper you can use your pliers to move the weight up and down the line with damaging the line's strenght.

 

Remember this is a light weight finesse rig, also known as a poor man's Carolina rig, which can produce lots of smaller bass, one after the other.

 

Add a lizard to what Crestliner suggests and you are ready to rock and roll.

 

Have fun.

Zoom Fish Doctors are what a lot of folks in this neck of the woods fish on their split shot rigs.

I just started playing around with a split shot set up myself a couple weeks ago.I have caught a few bass on the rig already.I use my 7 ft light st croix eyecon rod and i have 10# power pro braided line with a 6# floro leader.I started getting line twist problems in my braided line so i tied a swivel on to where the two  lines join and haven't had a problem since.I bought some of those crimp on tapered worm weights because they seem to come through the weeds pretty well. For a retrieve i just keep the rod at the 10 o'clock position and reel or drag the lure slowly across the bottom,sometimes faster.I have had the best luck using 4" robo worms so far but i have had luck with small chigger craws,small flukes,tube jigs,french fry worms,3' and 4'senko worms,basically the same lures you use on a carolina rig but smaller versions of them.

I have not had any problems with split shots putting a weak spot in my line. But in order to ensure that, I only squeeze them between my fingers, tight enough to stay in place, but not TOO tight.

 

That said, I absolutely LOVE the Bull-Shot weights by Water Gremlin. They're bullets, but crimp-on. Fish it slow. As for baits, Crestliner is right, about any worm will do. Let me suggest a few others, Yamaminnows, Tiny Flukes, etc.

 

I like to fish twitching the line up, making the weight rise/fall. Imagine a baitfish going after bait...

my go to used to be the split shot with a zoom lizard, dragged and paused.

I am a big fan of the split shot.  It's my go-to technique from the bank when the bite is tough or I have very little time to fish and want to give myself the best chance to catch something.  I use a #2 or #3 split shot and a 1/0 - 2/0 straight shank hook.  For plastics I keep it simple ... Finesse Worm of some sort.  Some I use are the Zoom Fish Doctor, Zoom Finesse Worm and the Strike King Finesse.

 

In terms of retrieve.  I cast it out.  Let it sink and begin slow dragging it back.  I visualize that I am "stitching" although I am sure I am probably going too fast for even that technique.

 

It's great around any cover IMHO.

The split shot rig is the way i was taught to fish for bass by my dad when i was a young lad, so i dont even see it as a "rig/technique", just merely the foundation of my fishing. That being said, foundation means strength and success, so needless to say i have caught many a fish over the years with the ugly-old school split shot above a ribbon tail worm or lizard. Simple, basic and effective. It doesnt get much better than that!