Double D what sort of bait are you making from your basswood? Topwater, sinking , swimbait. The answer will influence which type of sealer to use. If your looking for quick and cheap, and max buoyancy, then the water method may be used.
The water method:
First, dip sanded bait in water and let dry.
Next, sand down all raised pores until bait is smooth.
Continue this process of wetting,drying and sanding until not more raised pores after wetting and drying.
If a sinking bait is wanted, then soaking in a 50/50 mix of boiled linseed oil and mineral spirits in a mason jar would do well. Wally world should have it. Lowes for sure. The longer the soak the deeper the penetration and the more buoyancy will be lost. Depending on the desired outcome 24hrs to a few days may be required. After soaking, allow bait to dry until it odor has gone away or at least considerably less smelly. Usually at least a few days to a week or more.
After sealing, I like this stuff
http://www.google.co...IwAw#ps-sellers
It may be brushed on or dip the bait in it. Two coats will be enough for most baits. Acts as a sealer , primer and base coat all in one. May be purchased at wally worlds. Allow at least 24 hrs to dry between coats . After drying, your ready to paint.