a mesh bag is the cheapest way to go, just be careful of what else it may attract
when im fishing, i have some pvc chum pockets ( i think it is4 inch diameter pvc pipe, a foot long, with a cap on each end, 300 lb braided wire running thru the middle) they arent exactly expensive to make, and i just freeze blocks of chum in 2 litre bottles, to load em up, just cut the chum out of the bottle, put it in the pipe. dont drill holes too small, my chum pockets have half inch holes all thru them, and some 3/4 inch holes in the end caps, goal is not to have to empty out too much muck after i haul up... we run them on downriggers when drift fishing, 5 on each rigger, bottom at 100 feet and then at intervals up to the surface, im guessing something in that same design would work pretty good, but it'd be a lot easier to just use a mesh bag
