TJ. I have no experience of two part lures, but thinking about the theories of what is going on, I think the weight placement is causing you problems. My main concern is the weight in the rear segment. This is severely damping out the action. If I was designing the lure, I would first try all the weight in the front segment, just in front of the hinge and no weight in the rear segment.
Or, if you really want weight in the rear, group it all around the hinge on both segments. It is the same as grouping the ballast on a one piece body. If you spread the ballast too much, you kill the action.
This, in my humble opinion should increase the action, but it does have a down side, I would expect to have more casting problems as the rear segment flops around as it leads through the air. So, it depends on what you are looking for, lure design like design of anything is generaly a compromise of some sorts.
I would be very interested in other opinions, this is a learning opportunity for me too.