Fixing a crank that takes on water.

[iceintheveins]

Is the best way to fix a crank that takes on water to find the cracks and use a waterproof, clear epoxy sealant?

[webertime]

You got it. 

[MickD]

An easier way is to use Sally Henson No Chip Topcoat for fingernails.  It's one part, so no mixing, crystal clear, hardens very fast, seems very tough.  I use it on replacement eyes on hard lures, glue them on then topcoat with Sally Henson for insurance.  Very effective.

Either way you want to get the lure really dry before working on it.