It is absolutely, I suppose, a statement of fact that if the harvest is further reduced, then there's less fishing effort, which benefits the stock. There are other species out there that could quite likely be used as bait. Whether it's the best use of those species or not is frankly a commercial decision, primarily in terms of the net value, for example, with redfish.
The short answer is that certainly other species can be used as bait in lobster and crab fisheries, and there are currently no restrictions that would prevent harvesters from using redfish or something else as bait in their traps. That is something that is currently allowed today.