The horny toad was the lure I used A LOT when I first started fishing for bass. I became pretty profficient with it during tha time and used it mainly three different ways.
1. Reeled steady across the top like a buzzbait.
2. Tug Tug then Pause in the openings(Repeat). The lure would sink on the pause and glide to the bottom (5'-6') in a very smooth manner. Had to watch the line carefully for twitches when fishing it this way. If no hit, I would reel up the slack then tug it a few times until it got back to the top, then kill it again at the next opening and let it glide down slowly
3. Buzzing from lilly pad to lilly pad. Once on a lilly pad, I would then let it sit on the pad for a bit with very light but constant movement. I would basically twitch it in place on the lilly pad to mimic a frog moving around. This worked extremely well when there were bluebird skies and high temps, I am assuming because the lure cast a shadow through the pad where the bass were seeking comfort from the sun.
The bass do tend to hold onto these lures for a while, maybe because of the thickness of the lure which is substantial compared to others. I am not sure, but I do know that the bass in our local waters seem to like them pretty good and hit them on a regular basis.
As far as sinking vs floating, some of the colors consistently sink while others consistently float, a simple matter of density differences between materials used (glitter, no glitter, salt, etc).
My all time favorite color was Bull Frog. I have caught more bass with the ZOOM Horny Toad in that color scheme than I could possibly remember. Best of luck to you.