Nothing wrong with rigging your float this way. I know a few guys who do this and catch a lot of fish.
Personally I don't like it. IMO if you like to occasionally "hold back" on your spool a bit your float, with no stopper under it, will start to ride down your mainline. In other words, if you are trying to fish at 4 feet deep, by holding back you will soon be at 3.5....then 3....then 2.5...and so on.
I like my float to stay right where I put it but it's all personal preference.
If you are finding you cant cast far/well with your new pin, try adding a bit more lead. 3 inches of standard 1/4 inch or whatever it is lead should do it. 30-35g float. The more weight the easier it will be. 2.5 inches of pencil lead and a 1/4oz jig with a 35g float should be smooth sailing!
Ensure you are "letting go" of your pin reel a heart beat before your cast, to get it rotating before you chuck your cast. Sometimes I forget to do this and the result is usually a flaccid upstream cast that goes about 15 feet. If I let it go a half second before I lob it I usually get a nice cast.