Optional: bind lead-free wire along the shank for weight.
Start thread at the bend. Slide pearl mylar tubing over the shank, bind it at the bend and again behind the eye, and trim the ends. This is the flashy body.
Tie in a few strands of Krystal Flash at the tail for extra sparkle.
Cut the front of a rabbit zonker strip to a point and lash it down behind the eye so the strip lies over the back and trails one shank past the bend; a drop of glue at the front locks it.
Optional: pin the strip down at the bend with a fine wire rib or a thread cross, matuka-style, so it won't foul.
Build a red thread collar at the head as gills, whip finish, and cement.