We have a couple of pots and use sinking line, sometimes there is 6 knots of tide round these parts and not lost a pot yet due to tide!
As per bait I use salted pollock or mackerel, the older the better. Fresh fish seems to attract spider crab and very scary conger eels!!!
I wouldn't use twice the depth of water but either put them down at high water springs or do some rough calculations. Close to wrecks and reefs I find works well. Experiment and you'll soon find where works then tell no one
Be careful on size though, I was given a gauge to slip over the body, if it goes over it goes back! Plus you can only land one lobster per person in board.
I don't check them every day, but every couple of days and across the three there is usually at least one keeper!
The only down side is the mess they make in the boat when you pull them up!