Dipping will be practical for only a very few styles of bait. If you make cranks, you'll either have the lip attached, or the lip slot exposed at that stage of the process.
From all that I've read on several different boards, over a period of about 5 years, all information leads to what seems to be a trade-off between yellowing and hardness. If you want no yellowing, you sacrifice hardness to one degree or another, and there seems to be no way around that.
While we could ask for the moon, the current status of the chemistry and physics involved in the process of manufacturing the stuff seems to be the primary limitation.
I know of at least a dozen or so builders who have previously contacted manufacturers directly with copious information. From what they've posted, they've been offered one version of the aforementioned trade-off or another. They've been offered different concoctions but the trade-off remains.
Ideally, there would be zero chance of yellowing, maximum hardness, no propensity towards chipping, and the stuff would go on as easily as Devcon 2 ton epoxy (or even easier), be less sensitive to gathering dust, have no static charge after mixing, and would cure faster and require less time on the spinning wheel and lower chance of sagging during the curing process.
Wishing is the easy part...