I'll throw Rapala floaters on a 7' M rod(soft tip) with 6lb line... they sure aren't rockets, but the 6 lb will give some distance. I'll try not to add a split shot unless i have to.. but if fish are feeding deeper it can be a benifit.
Use the recommended Rapala Knot, it makes the lures action better.
The floaters are good worked slow... almost more of a topwater bite lure. Use it in any situation you suspect fish are feeding on or near the surface... best times to throw the floaters is anytime... they can catch fish all year, but shine when you are fishing on a still(mirror lake) morning.
My last paragraph was speaking of how i use them for Bass, but Saugeye may like them different.
In general it is better to get the lure lower in the water column for saugeye. A suspending lure like the husky jerk or X-Rap would most likely be better for saugeye fishing than a floating rapala. That said, I use floating minnows all the time for saugeye but typically I am only fishing in about 3 feet of water and am able to get the floater down to the bottom. The only reason I favor the floater is because the don't get hung up as much on the bottom so you don't lose as many lures.
Whatever you shoose, get it to the bottom if you want to catch saugeye.