Eben,
As much as I am aware that the American Eel pop. is in decline based on the studies, they are extremely productive (I know I don't have to tell you this...
).
I use eels (and throw plugs) but my favorite way to use eels is rigged or on a skin jig. When I get eels, I tend to cherry pick them (for the bigger ones) so when they die (if I don't lose them on a cast or to a blue), I can recycle them for either the rigged or the skin.
I tend to always have eels with me in some manner because when they don't want plugs, they will almost always take the eel.
RH