Hi Redfish.
You can actually turn lures out of it also. You'd use a polymer finish on it and mount in hooks and lips to taste.
One thing that the basswood would be very good for is texturing and surface alterations. It will take dye well and consistantly, can be carved and painted, and can be used to explore various texturing techinques. It's also good for building skills and trying new tools and cuts, as it turns very consistantly. If you're up for it, turn a nice cylinder or platter and go around the shop picking up various tools, doodads, and gewgaws and applying them to the surface while stationary and while turning at various RPMs. Files, saw blades, pens, washers mounted loosely on bolts, rotary tools, angle grinders, air hammers, the list is endless. Do the same with dyes and chemicals. At worst, you end up with a chewed up piece of wood. At best, you end up with a new and unique surface.
One thing to remember when doing this, safety is paramount. Use locking pliers to hold items, don't try shatterable items, wear gloves when practical, and always wear your face shield.
Good luck and have fun.
Dietrich