Joey - I have tried 2 and 3 baits.
3 baits was kinda rediculous because it took too long to get to the bottom and it wanted to twist around like crazy. If you're using 3 baits you probably have to use some pretty small baits or a big weight.

I did get some fish at Calero a few years ago using a small brown football jig on the bottom and a 6" worm about 15" above that.
The bigger fish at the jig, and the smaller ones ate the worm.
That rig has been around for a while, I saw several guys using it when I fished some pro/ams about 3-4 years ago. Another one that guys were doing was putting two baits on a c-rig by riggin a super short leader to a bait, and then a long leader to another bait. Most times though, I just stick to one bait these days. It's just more convenient I guess.