Setting the Hook
Replace rusted and corroded hooks. It's often a good idea to remove all hooks entirely until the repairs are complete. Use special split-ring pliers to add and remove split rings.
If a lure does not have a split ring to hold the hook, add one, and use a short-shank treble on plugs so as not to change the overall hook length and balance of the lure .You can also use split-ring pliers to remove and replace damaged spinner blades on spinners and spinnerbaits.
Bringing Back the Shine
Spots where paint has flaked off spoons or spinner blades can be touched up with oil-based paint and a small brush. Model-airplane brushes and paints, such as Testors, work well. Always wash and dry any lure before you do any polishing or painting to remove dirt and grease.
Body (Re) building
Wood plugs or stickbaits that have significant pockmarks and scratches should be sanded, filled with wood putty, sanded again and then painted. Paint the lure first with a base coat of white, and then with several finish coats. Finish the lure with a clear sealant for protection and a gloss finish. Sand the lure lightly and wipe clean between each coat of paint for good adhesion. When the sealant dries, reattach all the hardware.
Spray paints may be the best bet with plugs and crankbaits, as you can get a more even finish with a number of coats. You can also dip these lures in paint a number of times to create protective layers or sections of color.
Put on a New Skirt
Battered and chipped jigheads should be sanded or lightly treated with steel wool, after removing any hair tail or plastic skirt. Dip the lure in paint, or use some of the new powder paints that require only a hot torch to get instant finished results. If dipping, do this several times with thin paint and allow it to dry between coats to get a hard, even and durable finish. Then use a pin head or finishing-nail head to paint small eyes and a smaller pupil on the side of the jighead. Glitter can also be added by sprinkling the fine powder variety on the final wet coat of paint, or by using a clear glitter finish as a final coat on the jighead. When you're finished, slide on a new plastic or silicone skirt.