I've head that the Canadian Armed Forces military survival kits contain a small piece of red felt cloth such as this :



I presume the idea is that the red color must serve as an attractant because it simulates blood. I've never tried it however, i've stopped carrying fishing kits because I don't believe they will ever be useful in a real survival situation. But I agree they can be fun things to play with along with some buddies on camping trips, etc.

@Hacksaw : to get your hook back once it's deep in the fish's throat, in a real survival situation, you could just tear the fish open with your hands, or for rougher skin, using a rock or branch. I don't think this situation would require a multitool.