I have had several types of "bait fish" over the years.
I take them and simply gut them, dip them in soy sauce, and them toss them into the smoker.
My better half is filipino and we eat just about anything as far as seafood goes, so we have no shame in dining on what some may refer to as "bait"
Some of the best fish I have ever had has been "bait" from the smoker!!