I have also been doing this for about 10 years.
I make my masters from Sculpting clay and pour the first mold with polyester resin. If I really like the bait, I make a silicone "negative" of the resin mold and mutilply it between 50 and 100 calls.
I keep my original resin mold in a safe place and make a new negative as needed.
Although you lose you original clay master, you keep the original mold.
I have found I can undercut about 15-20% of the cavity and the silicone still comes out of the resin without any difficulty.
Keep in mind that the replicated molds could shrink about 7-8% compared to the original, so take that into accounf when making your master.
This has worked great for me.
Good luck,
Stephen