Hi Mo-manack!
I am sure this will work on a ski-boat,fish ( livebait ) die in captivity for two main reasons...
A. Lack of Oxygen
B. Too high ( or low ) temp
...these 2 go hand in hand as colder water also carriers more O2 than warm water!
Thus the airrators will keep the water oxygenised and to keep the water cool ( or the same temp as you caught the livebait / fish from ) you can add a few ice blocks,made from SPARKLING water ( not tap water due to chlorine etc ) beforehand.
I used it in Ballito for saltwater baitfish recently and it worked like a charm!
I can even help you build one if you want...
Regards
Herman