Jeff and all,
I have tried flies on the drop shot, it all depends on the species/fly/time of year and all that.
I initially tried it after using the "bounce rig" on the Provo successfully, and thinking that such a simple alteration of putting the weights below the flies worked there on the river, I tried it with small wooly buggers. I think the biggest adjustment is learning what movement the fish wants, for example on some Uinta lakes the jerking/jigging motion was hot, and others they just liked it suspended. Kinda stupid to toss a wooly out and let it sit there, but it was working so I went with it. The 'bounce rig' really changed my view on rigging up for sub-surface fly fishing.
I have only used this on rookies, rainbows, and grayling. I think it would be a great saltwater application, especially in difficult current situations where even full sink flyline is getting pushed around.
I have heard tell of dudes using flies this way with spin gear, which may also work really well especially in saltwater...!