I think you're on to something as to why nobody makes them from wood- the through wire was off center which would make it a pain to drill and then epoxy the plug.
They don't need to be pretty. Heck, they probably don't even need to be epoxied. Or maybe just a thin coat brushed on. I throw even my nicest plugs into the rocks and at the bluefish with reckless abandon. Once a plug hits my bag its life expectancy is very short indeed.
Squid patterns! I think this plug really is a squid imitator.
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