I like them Rick. Im always looking for ways to get an egg sinker or a bullet weight on a live eel. I think its better than putting a bead on the leader to keep them from sliding IMO.
Like Jim said it would work for the sluggos as well.
It looks like a regular ball head jig.
I recently bought something similar with weed guards for the sluggos. from bassdozer. take a look
His freshwater shaky worm jig
looks like yours with a coil.