Chokka
1stly,

, now as far as the lure goes, here's my take on it and by no means an expert oppinion, but, i think you nailed the shape of the lure very good, it looks like it will swim with enough action on the tail.
Did you put any weight in the belly that would ensure it will swim upright?
The paintjob, it can be done to look like a bought lure, but you using spray cans, it's fine, anyhows, colours are a little more important than patterns, so if you can get colouring right (depending on the water you want to use your lure) then don't worry about patterns and finishing it so that it can pass as a mass produced factory finished lure.
You, mentioned that you still need to seal it, we normally make use of 2K automotive clear paint, but I'm not too sure if it is available in spraycans, don't think so. I would (in your case) recommend that you get yourself a can of clear laquer and bake the lure between layers in the oven on around 40-60 for around 30 minutes a time, it won't be as hard as the 2K but again (you using spray can paint) it would give you the nicest looking finish, if that's what you're after. Otherwise you could use wood sealer like Sanding Sealer etc etc.
One last thing, actually two, One, You mentioned molding rubber that you used for the 3D gill-plates and the small fin, did you apply it flat on the lure or was there a recess that makes it stick into the lure? Never heard or udes molding rubber so I'm not to sure about its adhesive properties. Two, how did you secure the bib (lip) to the lure?