Mann's 3" Stingray grub was a similar fad, on the exact same principal as the Ned rig. It worked like crazy in the clear strip pits I was fishing in the late 70's, and I'm sure that it would still do its magic today.
The old Stingray only came in 3 colors....Black, White, and Dark melon pepper. I'll give ya one guess which peg was always bare at the tackle shop.