No wood expert here, but I've experimented with Red and White Cedar, White Pine, Balsa, Cherry, Basswood, Maple, and Poplar. Western Red Cedar is all I've used for several years now and am most familiar with. Each wood type has their own degree of buoyancy, so the weighting can be different from one to another. I like cedar because it's quite buoyant, but much harder than balsa and white pine while still being fairly easy to work with. It also has a low moisture content and a natural resistance to water and decay. The downside to working with cedar is that the dust is hard on the sinuses and can be pretty unhealthy to breathe.
I hope any of this helps. Maybe others can chime in with more detailed specifics or comparisons between pine and cedar for bait making.