If I have a little time, I too use the bow hanging down from the pinkie. For a very fast switch, I keep the bow basically in playing hold and just turn the hand to point the index finger to the strings to pluck and the bow hair away from the string. The bow is pointing slightly to the front and a little down during plucking with the index finger. Not recommended for long pluck durations, but extremely fast switch. Both techniques work for me playing standing with the german bow, with my style of the german bow hold.
If I play seated, the moves with the german bow to switch between arco and pizz do not work for me at all. I have learned / played cello before double bass and basically use cello technique with a french bow if on a stool. The stool is much lower then the stools normally used by bass players, with a 1/2 or 5/8 bass I use just any stool found at the premises, with a 3/4 bass I put a plastic thing with one side rounded for balancing exercises (fits into a rear pocket of my bass bag) on the normal stool to sit a little higher. Do not like to transport a special bass stool in addition to the bass.