I don't make musky baits, but the same rules apply to all cranks. Just by looking at your carved bait I'm afraid your in for a failure there. You should first make all you center points for weight and line tie and hangers before you carve. You are going to have a tough time getting all of those components perfectly centered in that bait.
Spruce has high density so I would start with 3/4-1oz of weight in the lowest part of the belly and see how it floats.
Diving depth, not very deep with that lip angle, it's to steep. Should give you a good shallow wiggle though.
I would put the line tie close to the head of the bait to help with strength.
I'm not trying to be negative here really, I think you picked a very difficult bait to try and copy. I hope it works, please let me know.