SoFla, that sounds a lot like the borrow pits that I fished in MS as a kid, and isn't too far removed from the bluffs that I now fish in a man-made lake in the Ozarks.
I'll bet that if you follow those 'dropoffs', you will find that they decend gradually. These are the 'roads' that the trucks climbed as the pit deepened. Hence the stair effect. This vertical structure can be very attractive to fish. Your bottom conditions sound very much like good craw habitat, especially with the rocks. I favor a long rod (7' MH F) to throw a jig a good distance and work it S L O W L Y down the steps. You will know when it falls. Don't take in line... let it fall and follow with the rod tip. Worms rigged TX are a good choice, too. Leave the weight loose - don't peg it - and stay at 1/4 to 3/8 until you get deeper than 30. A slow fall off of each ledge will tempt a pickup.
Cranks are also a good choice if the fish are active and you can work it paralell to the drop at the depth that you need. Always remember that Depth and Speed outweigh Color!