If I were gonna do it, I'd prob try and use some kind of hard sponge or some kind of foam so you could dope it up with something so it wouldnt be just an attractor.,or use a yarn that's the color of the pellet and tie a knot in it, then cut it at both ends and use the ends to secure it to the hook with the ends of the knot where you cut it so leave the ends long enough so they will reach the shank of the hook so you can use them to secure the knot to the hook(like youd start or finish tying a fly),thatd prob be the cheapest way to do it and the yarn would soak up whatever fish dope you wanted to use. I dont use it but that'd prob accomplish what your trying to accomplish. I'll take my whiskey canadian please lol.
Good luck,
Jr.