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then i dunno
http://terraria.gamepedia.com/Fishing_Pole
http://terraria.gamepedia.com/Bait
You're going to want high Fishing Power, high Bait Power, and reduce your penalties. But also balance it with how difficult it is to maintain the levels. A lot of people use Grasshoppers as bait because they're quick and easy to get/farm, and the 10% bait power doesn't matter so much once you have full Angler gear and a Sitting Duck/Golden fishing pole along with appropriate sized fishing pools.
There's a TON of info about fishing in those links. I suggest you get reading.
Complete set of Angler Armor gets you 15% fishing power. Angler Earring accessory gets you another 10%. High test fishing line prevents your line from breaking, and Tackle Box gives you a -5% chance to have your bait consumed. Fishing Potion gives you another 15% Fishing Power. (We're now technically up to 40% fishing power, without figuring in the pole or bait.)
Sitting Duck fishing pole is bought from the merchant and gives 40% fishing power. That takes you up to 80% fishing power, without even calculating in time and weather.
And while I admit that grasshoppers are technically one of the worst baits out there, they're easy to get, even in pre-hardmode. An efficient enough farm will keep the fisher in easily-renewable bait.
One thing that's noteworthy about higher power bait is that they last longer. Every 5% will usually give you 1 catch (with a chance of losing it early or getting more), so 4 Grasshoppers will last about as long as 2 Fireflies or 1 Lightning Bug.