These factors are critical in that it will make the difference in how long the bait will survive. The importance of water temperature and freshly circulated outside water can't be overly emphasized. Tanks with built-in pumps naturally generate too much heat which rob the water of its retention to oxygenate, a factor detrimental to the bait. Also, live bait produces waste matter which is discharged into the water. If this is not alleviated through outside circulation the bait will be short lived as well.
Different baits are more susceptible to the variables than others.
Pogies, for example, are great for catching all sorts of fish, but they are very delicate and difficult to keep alive. A less expensive alternative is the 12 volt air pump system with aeration ring. It too works very well on delicate baits. This type of system has an air pump that mounts outside the tank with a flexible air hose running to a large aeration ring located at the bottom of the bait well. The only thing you have to periodically do with this system is manually drain off water and add outside water with a bucket to clean out waste matter.