Off the gold coast...when live baiting for kings in 80m...we just ran a leader with a ball sinker to a 5/0 or 6/0 hook.....

certainly hooked plenty of kings doing it that way.

I use a split shot sinker to stip the man ball/bean sinker sliding up to far....the further away from the hook the more chance of tangles....I keep to about 300 mm...works for me and have dropped wrasse down in 60 meters like this 

I just use a running ball or bean sinker (fairly large) to a swivel and then about 1m of leader to a single hook tied with a loop knot

Fishing for lingcod and rockfish off the coast of California I've used live anchovies lip pinned on a paternoster in water 40m+  (fish are usually on the bottom and the drift over structure can be quick, so you want to get them down quickly.)  Bait was much smaller than what you're looking at, but no problems with tangles as long as the droppers aren't too long. 

Live baited for kings of NSW with running bean sinker. Sinker slid on main line, main line to swivel, Approximately 1 meter leader swivel to hook. We did place a small rubber tube (ring) between sinker and swivel to stop knot damaged. Drop to the bottom then up a meter. Don't ever remember getting any tangles. love that sign that your about to get hit.

 stinking baitos ahaha

from the tail end rather than the head end. Pass the hook thru the bait above the spine and between the rear of the dorsal fin and the tail. A livey hooked this way will generally swim down. It will take a little longer to get down but with no added weight it's a bonus. If you are on the drift this may not be so effective.
Edit:
Most people it would seem prefer to use some weight to get the livey down. By not using weight as I have suggested this enables you to fish the water column as the livey slowly makes its way down. I am of the view that larger fish will swim up off the bottom to take a dead or live bait higher up in the water column. Floating or drift rigs generally nail the large pinks. Smaller fish I think are less inclined to rise too much off the bottom (perhaps this makes them a target to other predators). If you what the livey to descend more rapidly then a running sinker or paternoster as others have suggested is the way to go. The amount of drift will determine the amount of weight, if any you need. jmo

Single hook twisted paternoster beau.

I'm with john - single hook paternoster but hooked through the nose/top lip (or bridle rigged if you want to get fancy) so it faces into the current - will live longer

Yep Paul, lip hook best.

 Paternoster rig. Two snelled hooks.  Front one bridle rigged (2 small cable ties, one through eye loosish and other through that loop then tight into hook) the other lightly pinned near tail.

Can even use this method land based as casting doesn't seem to cause as much trauma to bait as single hook behind head. 

Was watching a fishing show the other day where they were using a down rigger to send live bait down, it worked really well. Would be easy to rig something up without buying a downrigger. A good sinker and a release clip/lackey band on a heavy combo. This would allow you to use pretty light gear and would allow the livie to swim free without lead attached to it. Thinking of doing something along those lines when the kingies are running down south.

Circle hooks, better for the fish as sambos will scoff down livies

one other thing if your getting tangles lower it down slower to avoid the live bait dropper twisting up with the mainline- your not dropping a jig

 paternoster with 2 snelled hooks pin the fish through the bottom hook leave the top hook empty its extremely effective