Works for many species. We've been doing it for many many years. Essentially since Rapala came out in Western Canada with their Baits, later switching to Savage and Lighthouse and Gibbs. I have been making my own for around ten years now. We have caught lingcod, numerous species of rockfish, halibut and coho and Chinook. Salmon even take the largest profiles that Savage has. My Baits are from 5 to 12 inch paddle tails, to sand eel, to an actual mermaid which works very well. We use 8oz and lighter. 8 can be a little tough in Rocky pinnacle type areas.
No need to go way back, the fish are not shy. Speed varies depending on tide and species that is being targeted.