I'll have to give that a shot - I have a similar pulley system (I copied Dble Hauls) and a 12" sock seems like it would be a lot easier to deal with than a 5lb anchor and chain. Just having a fixed length of rope alone makes it a very attractive idea.
One other tactic you may want to try are circle hooks. They aren't perfect for every situation but they do give you a lot more leeway when it comes to hooking fish especially when drifting a fly through a current. The two handed retrieve is probably your best bet.