One of the gentlemen I bought a bunch of crankbaits off of at the tackle swap Dez organized had been kind enough to use small rubber bands to bring the hooks together and accomplish exactly the same thing. I've been meaning to do this with all my crankbaits, but I haven't been able to find the right size rubber bands yet.
His tactic looks similar to what the user White Tip has been photos of in his post here: http://www.idofishing.com/forum/showfla ... it-storage
I think the bonus of his technique is you can remove the rubber band quickly with a clip from your nail clippers after you trim the excess line on your knot. The technique above has the advantage of being able to reuse the tubing. Either way, it's a huge saver of time, space, and skin integrity