Baiting Fishing Holes

I remember people talking about baiting fishing holes to attract fish. Seems like this is mostly used for catfish. I also remember people that would take a 5 gallon bucket and drill holes in it, fill it with cheap dog food, and sink it. I was thinking about doing this at my pier on Lake Fork.
Question is....
Will it work?
Will it only attract catfish?
Will it attract all types of fish?

Thanks

That will most likely attract catfish and buffalo/carp. I don't see much else being brought in by that.

If your looking to catch fish with prepared bait the the dog food route works but like what fishin said it will most likely be catfish and carp. If you want crappie/bass I would sink some xmas trees or fish condos just under the edge of the dock and try and keep as much sunlight out from underneath as possible. If you want sandbass or night action I would set a flood light as close as possible to the water.

Thanks for the input.

Good info above.