Hi/lo rig is a favorite out on the cape and I've seen plenty of big fish caught on them. If tied right and fished right you will just about never deep hook a fish. Use 50# Ande or Big Game mono and a 130# number 4 Spro swivel. The real key to preventing deep hooking is to keep the loops at 2 to 3".
At the end either tie on a snapswivel or just put a loop at the end. If you use a loop just use a twice through overhand knot (double surgeons loop). Which ever way you go remember you'll be using this end to connect to your sinker. 18" up put your first loop, then 18" more to your second loop, then 14" to the swivel at the top. Remember the loops should not be longer then 3". With this rig there is no need for circle hooks, I use 6/0 Mustad HOM92553BL J hooks and 99% of the fish are hooked in the mouth. The attached link shows how to tie the loop.http://www.netknots.com/html/dropper_loop.html
When fishing this rig keep the line tight to the sinker and your drag at the normal setting. The whole idea is when the fish grabs the bait and turns its head it will hook itself. Never set your line on free spool or use a liveliner, you defeat the whole purpose of the rig.