Yes, you got it. After sealing the wood from water, you could fit the hooks, then tape lead to the belly until you get what you want. Then drill the hole, fit, fill, sand and reseal. Yes, it is a lot of fiddling about, but you are guaranteed a good result. If you just guess at it, you may be disappointed, if you paint and finish without testing.
Make notes. Next time you make a bait the same, you will already know how much lead and where to fit it.
Dave