I've got a few plugs set up with just a single siwash hook on the belly (similar to the pic) that I use when fishing in a few places where dealing with fish with trebles is a pain. (deep rocks/bad footing). You miss some fish but the nice thing is when you go to unhook the fish you can just reach down and grab the plug.
Not sure why you would need circle hooks unless you are worried about plug getting swallowed.
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