trico:
If you are talking about American Shad not Hickory Shad...
The BEST shad fishing I ever did was with a fly rod. Once I decided to learn more about it and try spinning gear I became the World Champion Absolute Worse Shad Fisherman!
That being said, I tried to essentially replicate with a fly rod, what the spin guys were doing. I used an 9'0" 8 weight rod with a fast sinking shooting head line I made to use with a shooting basket. I tied up some weird looking flies that I tried to make look like a shad dart, (Mylar piping over lead wraps with buck-tail and a red thread head).
In most places on the Delaware you will need to get the fly down QUICKLY. So I found a spot on the Delaware where I could wade close to the channel and far enough to get off a back cast and ZZING...shoot the line quartering upstream in the channel, let it drift and feel for the strike. I actually scored 6 fish on my first try!
I'm sure there is lots of info out there on fly fishing for American Shad and I'm sure there are lots of different techniques but that's how I did it. With shad the location of the fish is everything and it really can be feast or famine depending on water levels and where the majority of the run is so check out the DRSFA Shad Hotline @ 610-954-0578 or 610-954-0577. Learn about shad too if you don't already know about their habits.
Hickory Shad on a fly rod are a totally different thing and a blast although for the most part illegal to fish for in PA. Maryland is the place to go for Hickory Shad.