Mate, used to use Ford fenders and Cow bells for many years in Eucumbene & Jindabyne years ago. They are ok, but can be a hassle as they create a fair load on the rod, and if you happen to get them wrapped around a tree or the like its not much fun! But having said that, they did work and caught fish, think its the noise they create and also the flashing attracts the fish. I used to run a mono leader out the back of the fenders at least 3-4 metres. You wont get a lot of depth out of them, a bit more if you use a deep diving lure, but I mainly used tassies and crawdads!
It will be useful if you have a decent sounder so that you can see whats coming up, cos as I said if you get them caught up on something, its a pain!
Leadcore line is another option, particularly if you are looking for depth, as is using a sinker called a 'downunder', which you use in front of your lure!
Good luck and let us know how you get on mate.
cheers
Mullatt