I bet. It somewhat resembles a Rapala Skitter Prop (although the skitter prop is a floater), and I've had some really good success with that in the past. This looks really cool. I bet it'll do some damage once the ice clears!
I think this picture is before the clear-coat. It's a 3" pine crank detailed with a Dremel and painted with rattle cans to look roughly like a crawfish.
Very cool! I'd like to try and make some reproductions of some of those antique lures. There's some really interesting stuff out there. This design certainly seems to have some good potential.