Even when the bait is resting onscreen (After you've placed it down.) and you can no longer use the item, (Using "B" does nothing.) When you walk up to the screen's edge (Not -ON- the edge, but within one or two combos of it.) You can press B and Link will extend his arms as if using something, (Two frames, not just one stabbing frame.) but no bait will appear.
So yeah, he goes through his "use" animation despite not placing any bait down. It's all that happens. But he CAN use this animation on the edge of the screen but not in the middle of it. This is while using the bait, again.