Hi Jon,
A canonical tag can be used as you described, but you may have issues in your case.
The issue is that search engines treat canonical tags as a recommendation, not a directive. Meaning that they can choose to ignore the canonical tag if they think it's not appropriate.
In your case, if the canonicalized (link bait) page is getting more external links than the other page, it could increase the chance of the canonical tag being ignored because search engines might see it as the better page.
I think it would be best to have a single, high-quality page, but if you absolutely must keep the pages separate, use the canonical tag and see how things go.
Cheers,
David
