This lure is now for sale at Shapeways! It now has chambers for larger BBs and weight is offset for better action. Updates for thingiverse coming soon Here's an awesome demonstration video of the lure by TallFishermanJ:
This lure Prints in one piece and has multiple hinged segments that loosen up once the lure is bent back and forth a few times. This gives it a swimming action and it has internal chambers for adding metal bbs for rattles.
I also experimented with a handful of other lure designs, you can see them here.
Printing: This lure prints laying flat on its side, using support. Once printed, the support can be cut off and once the lure is bent at the joints, they should loosen up. PLA at 0.1mm layer height with an 0.8mm shell thickness. The red lure pictured here was printed with a special Taulman PLA. I found this filament to be slightly more brittle and it helped the hinges loosen up better after printing, but standard PLA works too. Metal bbs can be put in the chambers, and infill to weight the lure and add rattling effect. Exact rattle chamber diameter is 0.18in. I used a standard 15% infill with internal bbs for rattles and the lure sank at a nice gentle rate, but you could probably experiment with different infill densities to alter the rate of sinking.
Hardware Used (about $12):