Hard to beat a good commercial lure or bait because of all the experience and trial/error already behind their products. Most have withstood the test of time in this industry, which given some interesting markets has not been an easy road by any means.
It is fun, however, to concoct something yourself...especially if you have some success with it. I love experimenting myself. But, I have gone back to buying commercial bait & lure for canines, cats, and beaver. I do still make nearly all of my own coon lure and bait though...and I believe that of any animal we trap the coon is the most "forgiving" of my efforts.
Honestly, there is a wide array of items from around the kitchen or grocery store that will work. Bluegill, rough fish, etc. caught in summer are great bait/lure items and they are mostly "free" as well. I hit the clearance racks at grocery stores and dollar stores for all the canned mackeral and sardines (ones packed in oil, not water) that I can buy for a song.
My favorite paste bait for coon at pocket sets or dryland dirtholes right now is a mixture of mashed sardines, canned mackeral (both with the juice dumped in too) and about 1/2 cup of bacon grease, then add about a cup of honey to it and give it a stir. I mix up a fairly big bucket of this stuff and then let it sit for a couple of days at room temperature, then I add about 1/2 a round container of table salt to keep it from molding or spoiling too quickly at a set. I then pack this mixture into the pint-sized clean plastic peanut butter jars with screw-on lids. (these are unbreakable, tough plastic, and the size serves me for carrying a couple of jars at all times). I freeze what I don't need right away and thaw out the night before what I need for the next couple days. Hard to beat it at dirthole sets for coons along high bank trails, especially with a good canine gland lure or sqirt of strong fish oil.
I also use a lot of bananas, table scraps, fruit pieces, poultry giblets, strong cheese, etc. and have had pretty decent success on coons on every one of these.