I use Keachie's method 1, and he's wrong to suggest you have to scrap the fly if the hook is damaged, although it may not be a riverbank repair.
If you use commercial shanks (which I do, but think Malcolm/Willie may not), simply tie the fly in the usual way, but making sure the body dressing doesn't extend over the rear eye of the shank. Make a separate short whipping across the neck of the rear eye to provide a level base, and then whip the nylon down onto this, finishing with a dab of varnish or superglue. This whipping can be done in any colour if you like a butt on your flies. I find that 20lb nylon is too stiff and can sometimes make the hook stick out at an unnatural angle - 12-15lb works best for larger sizes, 8lb for small shanks. Remember that it doesn't take any strain, so the b/s doesn't matter.
If the hook is damaged, simply take a scalpel and cut the whipping on the neck of the rear eye. Open up the eye and remove the old hook. Replace with a hook to which you have already fixed a piece of nylon, and rewhip and varnish as before. A small bulldog clip holds the wing out of the way while you do this and the varnish or superglue dries. Because the fly's body is tied slightly short, it isn't disrupted by this procedure.
It's just occurred to me that you could probably just superglue the nylon in place without bothering with the whipping. This would make the repair even quicker, and you could do it on the riverbank.
I find that this method gives maximum articulation to the hook which reduces leverage, but still makes it swim straight. It also preserves the slim silhouette that I like in these flies, and which (particularly on smaller shanks) you lose with rubber tubing.