When Chasing Mulloway around a headland i normally wait for the top of the tide and a relatively small swell / sea.
The biggest Mulloway (jewfish) that i have landed have all been caught in less than 3m of water, most in only 1- 1.5m of water. I try to look for a gutter on the weathered side of a headland under the wash formed by waves washing off the headland. 90% of the mulloway i have speared have been shot in the conditions mentioned above.