Yep the picture displays the best way. Works a treat and minimal hassle. This system beats any form of rod and reel and the only weakness in my opinion is that unless you're reasonably attentive, the fish can be dragged along dead for hours and often something bigger will come along and enjoy your meal before you do.
I found that if you make the bungy cord about two metres long and nicely elastic it works best. 300 lb monofilament? Isn't this the stuff they string tennis rackets with :-)
And talking about ski rope, what I used is a heavily gathered piece of ski rope with the bungy cord inside. That is, pass two metres of bungy inside 5 metres of ski rope and strongly whipping the ends with twine for neatness. That way when the bungy gets to full stretch the ski rope goes tight. This saves a lot of turbulence around the
rig and prevents the
rig from being kept on the surface.
Good fishing!!