maybe i missed the point...maybe not...but i'd maybe try to shoot for a happy medium.
i mean, this is america...people are used to getting what they want, when they want it, and lots of it. if i'm looking for something in particular....if i can order it online for 10 bucks or buy it now for 15....chances are good i'm buying it for 15....even if that item isn't exactly what i want (with in reason)
obviously, do what you want to do, what you can afford, and what makes you happy with the side business, but as far as selling baits....i wouldn't give them the option to go online and look around...i'd have a photo album of all the blanks and color patterns you're able or willing to do....i'd keep a small stock of best sellers and colors and a stock pile of split rings, hooks, eyes, etc. on hand so all you need to do is order up the requested blanks...for anything above and beyond the best sellers, i'd have them fill out an order sheet, and have them pay for it when they submit the order. that way the sale isn't lost. all you have to tell them is a general time frame as to when they can expect their custom bait(s). it still doesn't solve the idea that "you can't sell it if you don't have it"...but imho its better then letting a customer go home and think about it and have the wife talk him out of it.