Thats old school Galvatraz, except for catching great whites.
Back in the day, the price for a surfer to paddle a bait out was $5 or maybe a 6 pack of cold ones.
If there wasn't a surfer around, I'd put my bait in a trash bag sitting inside of a truck inner tube that had a piece of plywood lashed to it as a bottom, then I would swim the bait out.
My fishing buddies said i was nuts when i suggeseted using a surf board before we had a yak. I loved the chair setup, I've been wanting to do just that, and now i have some insperation to go ahead and make one.