The Chinese machines are generally OK mechanically -- I have a 6040. I did not buy any electronics with it, I built my own based on a Gecko G540.
The accuracy is good -- here's an example of a 60mm knife blade machined from Sterling silver:
https://www.flickr.com/photos/41886002@N05/15960048339/ -- it has not had any finishing after coming off the machine.
Some people say that the newer Chinese control electronics, like the black box here:
CNC 3020Z+D52(new version) ROUTER ENGRAVER DRILLING AND MILLING MACHINE - carving-cnc.com are OK, but I have no personal experience of them.
I think that you could mill your lures 'two-sided' -- machine one side and then flip them, with a little hand sanding to hide the texture you'd get from a ball end mill. Perhaps 4 sided would be better, but then you can only do one at a time, rather than being able to machine a few in a sheet, flip the sheet and do the other side. You would still need to hand drill the holes for the fittings, and the slot for that sheet of plastic might be tricky, depending on the width and depth it could be hard to get a tool with enough reach. There would also be supports you'd need to saw off.
Do you have a 3d model of a lure?
Tom