I found a weedless 1/16oz round shaped jighead. I also have the Z Man TRD which is traditionally used on the Ned Rig. I am thinking of throwing it on my Ultralight with 6lb mono. I would fish it in 3ft clarity of water around a ton of wood. Does this sound like a good setup or not?

All the way until the "ton of wood" part. You'll get bit, but good luck getting them out. Not a fan of the round head and certainly wouldn't advise fishing it on an ultralight. 

One way to find out...

Good luck

You need to read a lot about 2 time BASS angler of the year Guido Hibdon. He could explain how to do it. He said when he got a bite on light line in heavy cover  , he would easily pull the bass in the open  , then set the hook . I never tried it.

With an UL, a weed guard will prevent you from hooking fish, and also you would probably need to fish braid to make up for the lost power in hook sets because of the flimsy rod. Medium light or medium would be choice of rod

For your set up I would fish 10 lb, braid for better hook up's and you can cast it a long way! That is how I fish the ned rig on Table Rock, but my rod is a 7 ft. M action with M tip. And you can always use a leader line but the trick to this rig is the 10 lb. braid!!!!!

I think the most important part is the proper jig head, the mushroom head is a must.. Either 1/16 or 1/8 oz. with the weedguard. I buy them from a guy who pours them with a good hook at a reasonable price let me know if you need his contact info.

   The TRD'S or the zinker Z's cut in half are the only way to go. As far as the rod I like a drop shot rod, something like a ML with 6lb. flouro.. I wouldn't try it on a ultra light.

 It works great here on Table Rock .

For your set up I would fish 10 lb, braid for better hook up's and you can cast it a long way! That is how I fish the ned rig on Table Rock, but my rod is a 7 ft. M action with M tip. And you can always use a leader line but the trick to this rig is the 10 lb. braid!!!!!

All braid are not the same diameter so you want the dis. of 4 lb. mano. Ranger jockey is wright about mushroom heads are better.But I do fish round heads in 1/16 to 1/8 oz and have not many problems,just super glue the bait on and push the round head back into the bait ,works great.Senkos that are all tore up work well,or any senko kind of bait. I have tryed the Chompers 4 in. fin. worm and I found out that the tail has more action than the others!