I use airbrush colors, mainly transparent, from a german company called Schminke. I think they are available in the States, too. Pretty old and big company.
http://www.schmincke.de/
I found their colors to be more intense and bright so to say. Besides they are ready to use and if a color is not ready made I can always use the RAL table they provide, so that I can create my own.
Some details I add using a very fine paintbrush (using the same airbrush colors)
my 2 cents: weight it in 2 places of the main body (the head section). put the weights as far apart as you can - this will "fix" the head section so to say. the tail (the last section) build it in such way that when seen from above to resemble a "V". you won#t need the lip anymore.
that beeing said I find your lure very cool, great work man! I might add that I am a big fan of this type of lure (swimming action) myself.
Thanks man, those pike's eyes are real glass eyes, aspherical and seen from front are really bulged. They come transparent so I need to paint them... unfortunately this is a a very time consuming task.