I'm not old enough as some people here are to remember that contraption, but there was another that was in the early 90s. I don't recall the name but it made little rubber bugs and we actually used some of them for fishing. The plastic wasn't as soft as we are accustomed to today, but it was pretty fun nonetheless. Wasn't much after that when I started making my own spinners and pouring my own jigs. My mom wasn't a huge fan of me at the ripe age of 12 sitting over a pot of lead! 21 years later I'm still at it.
Not sure if that toy got me into tackle crafting but thinking back on it now, I'm sure it got my gears turning.