Not the first and surely not the last, but here is my few gils.
First of, I like the idea that we need to choose correct lure for certain location and/or fish. What makes this problematic is the inventory space it requires. Separate inventory for lures is one requested feature but it would be granted server space non fishers can't benefit from.
So have fish tackle log where the ownership of certain tackle is only 1 bit data, you have it logged or not. The current lures would become unlock items, much like mount whistles. If it's important to have the consumable aspect of fishing, there'd be some generic bait item which would be the one used, but you'd still need to choose from your tackle log which bait you're using it as. Possibly few different types of it for the different fishing environments. Or normal type and script type. In a manner fishing tackles would become one form of collectible, much like the cards.
I suggest it this way as I feel the bait choise complexity does add to the fishing. But the inventory aspect of it necessitates dumbing it down from what it could be.