Thanks to all for your replies.
I went ahead and made a bait cage out of 1/2" hardware cloth Friday night. As soon as I formed it, I knew that it was too big (2.5"x4.5"x7"), but since it was getting late, and I wanted it for the next day, I finished it.
It has a hinged lid, a latch that should be secure. I used stainless steel links to attach it to the net. The 1 linear ft of hardware cloth cost $1.88, and easily left enough for another cage. The links cost a bit more each.
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I plan to make a new smaller one, perhaps 1.5"x3"x4.5". Any comments on that size, or other constructive criticism are welcome.
Steve