This is pretty much the basis for most of my Bonefish Flies. Favorite colors are pale pink, tan, olive, and amber (for off color water).
Recipe:
Hook: Mustad 24007 Stainless #4-6
Thread: Danville Flat Wax Mono Floss WHITE (red is used here for visibility)
Eyes: Depending on depth and current, either bead chain or No-Lead (brass) eyes
Body: Body Braid, usually Pearl. If you want to vary color, you can change your thread color and it shows through the Pearl. OR... Pretty neat way is to use #1 Holographic tinsel as an underbody and then overwrap with #20 clear mono.
Wing: Tied in "upside down" (Clouser Style). Faves: Ice Wing or Calf Tail or Rabbit Slip