I have used a small finesse worm, centipede, or grub on a spinning rod with 1/0 hook and 1/16 ounce sinker and saved my day many times.

Yup do it all the time. I caught my very first t-rig fish 4 summers ago using 1/8 tungsten worm widget with a discontinued green pumpkin orange clawed zman craw z t-rigged. 
 

It is also a very effective technique for the Saginaw bay also.  I use a 1/8 tungsten wieght and t rig your favorite plastic.    My favorite worm for this is a zoom magnum swamp crawler. Before I up graded my equipment I was using a MH ( acts and feels like a medium) Berkley tactix wacky worm spinning rod 

19 hours ago, @reelChris said:

Downsizing tackle is only half of the game.  You're not really doing it right if you're not fishing out of a finesse bass boat.  

 

 

 

Technically, that does not qualify as a finesse boat. The motor is far too heavy, burns way too much gas and puts out way too many horsepower. Also note there are two wheels per side on the trailer. Nope, this is not a true finesse rig.