I saw this somewhere

A Brunswick bowling ball PIN. Cut a 'V' for the mouth on the bottom,put a eye bolt into the mouth. Take nylon twine- cut into 12 to 14 inch stripis and tie them onto the the Top of the pin for the tail. Leave it plain or paint it any color you like. Ive built several, and have used them inshore trolling to the canyons with great sucess. You can obtain them at alleys when they are being replaced.

This seems pretty good to me too.

http://blogs.msdn.com/b/charles_sterling/archive/2006/12/04/diy-marlin-teasers-offshore-fishing.aspx