Almost all my GL flies are modeled after baitfish. If it's not a baitfish-Spey I usually go with something buggy. I just don't fish the attractor types as confidently.
The Picasse is one of my favorites but I prefer the silver pheasant as a collar and not a cheek. Charlie and I have some fun debating this point as Marc changed his method somewhere along the line, but it's all in how you like the fly in the water. I think the collar gives it a bit more action, but if you're really looking for a smelt form the cheek is the way.
BTW - Marc is tying them in more colors than just yellow these days. I have a beautiful orange one I really like.