Larry,
I tie on the lead strips on the side of the hook shank facing the hook point. The fly is then orientated with the hook point down. To add enough lead to make it ride hook point up (like a Clouser) would take a lot of lead with a 4/0 or 5/0 hook. THe stainless hooks require less weight than the tinned hooks since they are much heavier (in the larger sizes). I haven't had any rust problems with the 254 Sea Guard hooks. I wash them after each use. I've noticed that the stainless hooks will create a rust stain if you don't rinse in fresh water.
I've also tried tying in rattles in the same position on a 5/0 hook. I haven't tested them enough to come up with any conclusive results. Right now I'd say they don't really matter. But then again I haven't used them a whole lot.