As much as I enjoy working lures, sometimes I feel the urge just to sit back and float fish. If I fish from the bank, I'll just use a clip on bobber. It's just simpler. I want to start using slip bobbers to make for easier casting and better fish finding performance. I have used them before, but as anything, the first time is usually a disaster. Obviously when bank fishing, you will know the approximate depth, and you can easily adjust the bobber stop.

My real question is, say I wanted to drift live bait under a slip float around the perimeter of a pond instead of bank fishing or trolling. How do I adjust the depth with a lot of line out in deeper waters. Do I just slowly let line down to the bottom, moving the bobber stop up gradually a foot at a time until my weight is on bottom? I figured this would be a practical way of doing this. Also, do bobber stops reel through rod eyes and sit well on the reel?

Very simple. Go to your sporting goods store and buy a couple of "depth finders" used for ice fishing. They are 3/4 oz. weights molded onto an alligator clip.  Attach it to your hook and trip your bail. You bobber stop will probably take the float under, at which point you can gage how far above the bottom you want your bait to stay by adjusting the stop. I use this kind of rig all the time with wacky rigged Senkos for smallies. Hope this helps.  

You can use a rubber core sinker at your bait to quickly find bottom. Those quick change bell sinkers work or medical pliers. All these are standard on Steelhead rivers.

Garnet

When I need to know the depth i just toss out the humminbird.

actually it's a jig that i let sink to the bottom.

My jig rod is 61/2 feet so I raise the rod tip grip the line at the bottom of the rod and retrieve it.

If I do that 2 times it's 13 feet.   then add the left over line,   say two feet worth.

You now know you have a depth of 15 feet.

Of course this system works better in the shallow waters of Florida then say the bottomless lakes out west, but hey it works for me