First, let me say I love your lures. It's no wonder you catch fish with them.
I think everyone here has covered the problems....water absorption and hardware failure.
Those were my problems, too, when I first started making wood swimbaits.
I've several spectacular failures, so let me share my experiences.
I have found that a penetrating sealer is much better at getting into the wood deeply, so water, even if it gets past the topcoat, can't be absorbed.
For me, the sealer that works the best is Minwax Wood Hardener.
I also found that drilling every hole before I seal the wood helped a lot.
I soak the individual sections in a salsa jar full of the hardener for at least 10 minutes. I can tell it's penetrated to the max when the end grain stops bubbling.
Then I let dry for at least 24 hours, and hit it with a hair dryer, so any solvent that's trapped will bubble out. If it bubbles, I let it sit another 24 and try again.
I don't use any screw eyes shorter than 1 1/8" for my big baits, and I run them in, to cut the threads in the wood, then remove them, put a drop of runny crazy glue into the hole, coat the shaft of the eye with brush on crazy glue, and run them back in. That way, even if I have to adjust them out later for more joint movement, the threads are really strong.
I use .092 sst eyes for all but the rear hinges, where I use .072 eyes to save weight if I need to, and both sizes accept bicycle spoke hinge pins.
I always use two eyes per hinge, because I've had the tail section come unscrewed from the torque of the swimming action with one eye.
I move my lower hinge eye up in the body so it clears my ballast and hook hangers. I mark the blank with a scribe line that's as deep as the ballast/hook hangers, and make sure my hinge eyes clear that. If a hook hanger eye hits a hinge eye, I'll shorten the hook hanger eye. I've found that a 3/4" eye, embedded 5/8", is plenty for my hook hangers, which are also locked in by the top coat epoxy I use.
Believe it or not, the strain on the hinges is much greater that the strain on the hook hanger, even with a large fish.
I set my hardware in D2T, not 5 minute epoxy, because the 5 minute is water resistant, not water proof.
And I don't pour lead into the ballast holes for exactly the reasons mentioned above. I drill semi-tight holes, and use 1/4" diameter lead wire, which is easy to cut with an exacto knife to the length I need. I roll it back flat on my table saw bed after I cut it, using a flat piece of 1/4" steel plate, to get rid of the raised edges cause by cutting. My holes allow it to just slip in, and then I put a drop or two of runny crazy glue to attach it. Then I Bondo over the holes, and it never moves.
I've even found that I can drill out some ballast after I've float tested, without worrying about water. I just put a small piece of paper towel, lightly compressed, into the hole, just past flush, hit it with a couple drops of crazy glue, and bondo over that.
Lastly, if you remove the hardware and let the lures dry out, you can put the wood hardener into the harware holes, and it will penetrate and seal them, including the hinge pin holes. Then you can reinstal the hardware, using glue with the screw eyes, and be water tight. This should let you save the beautiful lures you've already made. I would, however, use longer hinge screw eyes.
Wood has a lot of challenges, but it's a great material. I've found that some lures, like poppers and walking baits, are just better made of wood.
But it does require attention to detail.