Bob, I started out doing roughly the same thing you are, but did my original four cuts on a bandsaw.
Now I am using a small belt sander, instead of a Dremel to take off the edges. I still use a Dremel as a step to take off some final material to make the baits more uniform before some final hand sanding.
The belt sander, though, definitely takes the wood off a lot faster than a Dremel. It takes some getting used to and you can destroy a bait quickly if you aren't careful. But once you get used to it, it goes a lot faster than a Dremel.
To me, this method also seems to help get the baits more uniform, although short of a CNC Mill and 7-10,000 bucks, I'm not sure you are ever going to get perfect uniformity while making round baits.
But hey, that's the challenge of round baits and one of the reason I started doing this was because I saw so few quality hand-crafted round baits out there. Of course, I see a lot more since I discovered this site.