ive tried it without any more success than hooking through the mouth. i would think you would miss more fish - from what i understand (and im no biologist) walleyes strike towards the head of their prey (head first). but who knows - when i bobber fish with little kids in the boat they can bait a minnow through the stomach and catch more fish than me.
Not sure about this, but I remember reading an article on how the 'eyes eat. From what I remember, they eat tail first but when the bait is in their mouths, they flip it around and swallow it head first. It is during the flip that a lot of people will try to set the hook and that is when they lose the fish. I am not sure if hooking by the tail works better or not on a jig. I have often hooked minnows in the tail on a plain or colored hook with mixed results. Seems that whether hooking through the tail or head or back does not seem to make a difference if they are eating. BUT, if it is a tough bite, you are going to want to make the bait appear as natural as possible and hooking through the lips and slowly retrieving is the way to go.
People who fish for food, and sport be damned, are called pot-fishermen. The more expert ones are called crack pot-fishermen. All other fishermen are called crackpot fishermen. This is confusing. ~ Ed Zern, 1947