There are three factors at work when nymphing.
One is
effective drift length (EDL). That is the time the fly spends in the feeding zone of the fish. When fish are feeding at the bottom, this is about the bottom 12 - 18 inches.
Factors 2 and 3 are a combination of a
drag free drift AND a natural mass density or buoyancy of the fly. A drag free drift is self explanatory as the natural downstream drift of the fly. Natural buoyancy means
the fly has the same density as a natural insect so that the side to side movement and up down movements as it drifts downstream is like the natural. In other words, the fly moves just like a aquatic insect caught in the flow, it is not significantly heavier or lighter than a natural insect of it's size. Since
nymphs and caddis pupae are 95% water, they are just about neutrally buoyant.
In much the same way as a surface feeding trout knows the speed and action of a real insects, so a sub surface feeding trout knows the natural behavior of a natural drifting nymph. Natural drift in the subsurface world is 3 dimensional and a heavily weighted fly cannot and will not move like a fly that is closer to the density of a real nymph.
Take a look at this video below of a free drifting stonefly nymph at 1 minute 30 seconds into the video. Would a bead head or a heavily weight nymph drift in like the real nymph in the video below?
]YouTube
So why then do these flies work so well? The reason is that no matter how realistic a fly drifts in the water, it cannot catch fish if it is not in the feeding zone of the fish.
Added weight of any kind, a bead or lead wire, sinks the fly faster. The faster a fly sinks, the faster it gets into the feeding zone and the greater the chance of a fish seeing it. So if we are fishing a fly by itself, a bead head or lead weighted fly will be seen by more feeding fish. They have a greater
effective drift length.
If we consider when these weighted flies are most effective, we will find that they are most effective in the faster flows. In faster flows, a non weighted nymph by itself may never get to the feeding zone. In faster water the flows at the bottom is more turbulent and the water floe is chaotic. Not only does the fish have a more difficult time telling if the fly is drifting naturally, there is also less time for the fish to decide whether to take the fly.
For the same reason that it is easier to catch fish in the riffles with a dry fly, it is also easier to catch fish with weighted nymphs in more turbulent flows. This is called a
reaction strike that occurs in situations where the fish has only an instant to decide to eat or not eat.
So if you are going to use weighted nymphs, they are most effective in turbulent water.
However, I prefer to use unweighted nymphs and non bead head flies most of the time. I add weight to my leader to get the flies down to the feeding zone. The unweighted flies then drifts and move more naturally.
One difficulty I see with weighted nymphs is that they are weighted. By that I mean they have a set amount of weight that will work well for a given depth and flow speed. If the water is deeper or faster, you need to add weight to the leader anyway to get the flies to the bottom; and if you adding weight to the leader, why not use unweighted flies in the first place to get a more natural drift? If the fly is too heavy for the depth and flow you are fishing, you have the worst of both worlds. You cannot remove weight if it is in the fly.
As to the flash factor, it that is what you think is needed, use a glass bead that is both reflective and translucent like a real caddis.
Consider where and why bead head nymphs were invented. They were invented for the the World Fly Fishing Championship which uses European fly fishing regulations that do NOT allow added weight or strike indicators to the leader or the fly line. So all weight HAS to be in the fly. So the bead was a method to sink the fly maintaining a more natural slim profile to the fly body. So although these flies do not drift naturally, they did maximize the EDL.
In the USA, the fishing regulations in most states allow adding weight to the leader. So I prefer to add weight to the leader since this allows me to change the weighting of the nymphing rig more easily that weighting the fly AND it gives me a more natural drift of the fly.
The second reason to weight the rig and not the fly is that almost every nymph fisher uses bead head flies. This means in heavily fished waters, the fish see bead head flies all the time. I believe that in these heavily fished waters, some fish will avoid bead head flies and a non bead head fly will catch more fish.