The fishing lures don't return once successful, although I must admit they are fun to make and have some cool names. I never used the geerlock or blessed rod and found once my fishing skill got past 120 my fishing-pole doesnt break that often.
I just use the cath-a-lot bait sold at npc vendors and have always been pleased with the success rate. If your fishing in dulak give the gulf of gunthak a try too, the eels, jellyfish, bay-seaweed, and gourami all have baking recipes that have stat foods that sell well in the bazaar.