My experience is only a few months old. With that said, basswood is easier to carve in my opinion. No grain to fight while carving and is not as brittle and splinters easy while carving if your not careful. This means nothing to you until you actually have the knife in your hands with a piece of wood in front of you. I have tried cedar, balsa, oak, basswood and pine. I like basswood but it is very dense. BobP is exactly right on both counts. The wood used depends on desired bait and as a beginner it is best to pick something and stick with until you learn more. For me this wood is pine. Go to home depot or lowes and find the lightest , whitest, prettiest ( no knots ) pine 2x4 you can. Then proceed cutting it up as Gene describes. That is a lot of lures for $2.50 for a 8ft'er. Pine is teaching me carve. The wood has grain but is forgiving should you make a mistake. It is not as light as basla but much stronger and this is a good thing when you do not know what your doing. It does not smell as good as cedar but big chunks will not splinter off on you. Not as easy to carve as basswood but lighter, cheaper and nearly as tough. For the money, pine is a great buy and teacher in my opinion.
I know you want to duplicate a lure but I have found it is ten times harder duplicating a lure than to just carve your own. Until your carving skills are improved, just carve some of your own designs close to the one your wanting to make. It is fun and you will be free to just carve and not under the gun to make something specific. You might even like the lure you create better. I just draw them out on the blocks of wood following Gene's tutorial. Much fun.
Best of luck !
Vic