Yes, but my understanding is that without the key item these baits will not allow you any extra time to catch whatever it is that's on your line (it works with things other than Gugrus and Liks), making their use mostly pointless.
The reason why i ask is i'm possibly looking to stock up on the pugs in advance, and was told I could potentially pull in the Lik with albatross and penguin rings, without mooching, but wasn't told which bait could be used.
Minnows catch Liks, meatballs catch Gugrusaurus.
Don't bother with stocking EX baits for the Ebisu quest; it's horribly inefficient. If you do stock them, use them for catching a Matsya as a trophy or something (it's currently useless for anything other than npcing for 25k and they can only be caught with the EX baits, but it is pretty much THE legendary fish of the game currently). Note that Matsya are not worth going after en masse as a NPC-food moneymaker; you would make better money with far less frustration in the long run by simply npcing your Cave Cherax and Sea Zombies. Even with the EX bait, you can expect to only get maybe 1 Matsya per every 1-2 stacks. Matsya will break the line often (and your rod too if you're using Lu), and most of your bait will be eaten by the local monsters.
Liks should be easily caught if you use Minnow lures and Albatross+Penguin, and it will help if you've had experience with catching Ryugu Titan (Liks jerk the rod a little bit less than Ryugu but have more stamina). If you're really sharp you can get them with just Albatross. Edited, Dec 31st 2009 11:17pm by Fynlar