Would this work?

[RIJIMMY]

not sure what it takes to skin an eel, but since rigging a sluggo is similar to rigging an eel, why wouldnt you just rig the eel and not bother to skin it ?
Saves you the step of putting the skin onto the sluggo and you have the added benefit of eel stink. Im just not sure what that gets you over a plain rigged eel?

[Canalman]

I think you would get a little more bouyancy out of the rubber and maybe a little steadier movement.