Dave,
It holds up fine on hard baits, as long as you don't leave it in contact with a soft plastic bait for more than 5 minutes. The softener in the plastic will melt the Rustoleum. When I make a bait like a rat that needs a soft plastic tail, I'll coat the area around the hitchhiker attachment with clear nail polish, and it's fine. I make sure the tail doesn't lie next to the bait on the deck,and I remove the tail when I put the bait away.
But I have baits that I coated with it that are several years old, and are still fine.
I caught a dozen crankbait fish today on a bluegill crank I painted and coated with the Rustoleum. They also make a matte that I use as a final coat when I want less gloss. Two coats of the gloss, five minutes apart, for strength, and then one coat of the matte, to knock down the gloss.
For me, it's a cheap, easy topcoat that only needs a day to cure before I fish it.
Plus, since I can make it work, it must be idiot proof! Hahaha
P.S. Spray it outside and stand up wind. It has some fumes.