You already got the essential ranges and types of gear. With 1/0 hooks for live bait, and AKI hooks,(Long Shanks ) in the size 3/0 , these have big gaps and hold the squid better. Most luck in colder water is all the wat to the bottom, you don't need heavy line but 20lb or 15 is min. 40 is kinda not necessary but maybe , if they bite it'll work killer. Dropper loop, either the hook at the bottom with 2 hooks up every 12 inches, if current is really heavy, or go with reverse dropper loop with weight and then one hook after the weight about 12inches below the weight (free swimming and on the bottom) . Try using a heavy (1-1/2 oz.)leadhead with a squid hooked on and let it sink all the way down. If you want , try a heavy jig, iron etc, and let it float down , hit the bottom, (then wait 1 minute or 30 seconds, not long though), reel up 5 feet, then let it flutter, (Freefall) back down, this will eventually get something to hit it. Don't let it stay on the bottom too long, the current will keep it moving and then if you don't lift it up, it will get snagged for sure really quick, but the fish bite consistintly off the bottom so it's touch and go, up then down until you poop-out!