Sometimes you can use some real nasty stuff to catch catfish. What species are you going for? Live bait works really well for flatheads.
24 hours on ice would be fine. The catfish dude throws hist bait on ice, and he does just fine.
I had success catching a carp, letting it sit in a dark trash bag in the sun for a few days, cutting it up and using that as bait. Later I found out it isnt necessary to have super smelly bait, but it worked.