Almost all of the guides I fish with and the way I do it when fishing alone, is to place the split shot on the tapered leader just above the knot that attaches the first piece of tippet for my first fly. That way I don't have to really squeeze the split shot so hard that it may cut into the leader as the knot will stop any sliding. I have had one guide that used the technique of having the split shot all the way down at the bottom of the tippet with the two flies attached above it. I didn't really notice any difference in the rate of hang ups or snagging the rocks on the bottom or for that matter, the catch rate of fish. Guess it is simply matter of how you want to do it.

Larry ---sagefisher---