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I wouldn't bother with old baits - you'd have to have a pile of them to save any money, and you're mixing different kinds of plastic with color added, etc. Once you're pouring your own, then you might reuse your own. When you reuse colors, they just come out dark usually. Don't reheat old plastic with metallic flakes in the microwave - flash bang! IF you're working inside, use ventilation.
You dont' need to carve molds - you form them around a model. Pure silicon calking with just a little water added will make a nice mold. Start with a sluggo or the model of your choice - I bought some modelling clay for small money and formed my own. fill the block with silicon, and drop the model in the top. Let set, pull out the model and you have a mold.
IF you bounce plastics of the bottom of the Canal, you can definitely save money making your own. At the rate you lose them to snags, the payoff doesn't take long. There are some really good video tutorials and write-ups online - do a search.
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