Been fishing the horny toad for a while now with great results. Two Things:
1. Use a 5/0 owner twistlock, the 4/0 gammy ewg doesnt have enough clearance for good hook penetration. The twistlock feature on the owners is fantastic for horny toads, I will never use a different hook unless I absolutely have to for some unknown reason
2. Once they hit the Horny Toad, wait, wait, and wait some more. A good thing to remember is to keep doing your retrieve until you feel weight on the rod, even if they boil up right on top of it. Just keep doing your normal retrieve until you feel the weight of the fish, and then wait another second before setting the hook. Often times, you can count to 2 or 3 in your head while realing up slack after the initial blow up, and then set the hook once you feel weight. I generally count to 3 and set the hook hard on the 3 count, i try to cross the eyes.
The reason you want to wait before setting the hook is because many of the bass will strike at the legs of the horny toad, take it down and then re-bite/swallow. If you set the hook on the horny toad right when you see the boil up, many times you will have a frog come at your head with no legs attached. Just give them a second to really inhale it and then set the hook, you will get a lot more hookups that way