Never have fished it myself, but have family history there. My grandad used to fish it in the 50's and 60's and my uncle, who lives in Memphis does fish it every once in a while, but hasn't been over there in a few years.
Reelfoot has always been loaded with crappie and bream but they tend to run small. It's shallow as you noted. My grandad would use a fly rod, with a small cork 2feet below the cork and a split shot a few inches above the hook, and bait it with minnows. He'd drop that cork on one side of a stump or tree, let is sit for a couple of seconds, if nothing happened, pull it around to the front of the tree, then move it to the other side. Move on to the next tree or laydown and repeat. If the fish were deeper then he might "tightline" basically doing the same thing without the cork.
Some errors above, can't fix it for some reason - But I meant to say a small cork, hook 2 to 3 feet below the cork and a split shot about 6 inches above the hook.