I've seen slinky sinkers used from a 1/4 oz up to +2 oz. All depends on your application (drifting for steelhead, river fishing, dead bait).
For dead baiting, weight doesn't matter very much. How much weight can your rod cast? I find 1 oz a comfortable size that carries my bait well offshore. You only need enough weight to cast and put a little tension on the line. If your line is slack it gets blown all over and tangled in the bushes while you wait for a strike.
I would pay more attention to the flexibility of the slinky. If you pack #8 shot in a 1/2" wide rope you'll end up with a pretty stiff slinky sinker. Whenever I make slinkies I pair the shot to the size of the rope so I have a single stack of weights. Then, I leave a little slack at the top, melt the top with a candle and smash it flat with a pliers. The finished weight should be loose and floppy.
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