1. A "attraction" multiple, with the default bait being 1. This is multiplied by the enemy's hunger, so if you use a bait with 2 attraction, all onscreen enemies will have their hunger multiplied by 2 and go towards it more. Shoshon said he wished that bait had this feature so he could make a higher-level bait item as a reward. A higher-level bait item is actually used in Instruments of Courage, although in that one the level 2 bait stayed out for longer than the default bait.
2. Pressing B to either revoke the bait, or to immediately delete the bait and place a new one. Probably should be an item or quest-wide setting
Also, I'd be interested in seeing some sort of public bait counter script (as seen in Dreams of Yesterday 2013 and HeroofFire's randomizers), though this is probably beyond the scope of being included in ZC itself. This is for being able to accumulate multiple baits for Feed the Goriya rooms.