Jason,

If your bet is that there 'is' one correct way to fish a wooly bugger, you've lost.

If your bet is that there are zero 'wrong' ways to fish a wooly bugger, you've won.

After wracking my significant intellect, and that of those around me (more significant than mine), I've yet to come up with a way to fish this fly that doesn't actually work, much less can be considered 'wrong'.

If there is a 'one fly' for every situation, this is it.

Good Luck!

Buddy