Floats for Adjusting Depth!

I've read several posts and reviews on various floats. I was considering using a stick Thill float and adding rubber o'rings as stops, has anyone tried this? I was thinking of having one o'ring above the float securing the line to a notch and a similar one below. You can then add a third o'ring to maintain a weighted ring on the lower stick which might keep an angle on your float. Any comments?