In order to get a lure to dig instead of surface you need a long lower lip as you put it, some of the early Hawaiian lures had this feature and they swam well at slow bait trolling speeds but had 2 major problems. The lip would easily break off if the lure was not handled carefully or it would break when a fish was caught, also the lures would not preform well at higher trolling speeds due to the downforce created by the extended lip. Todays version of this is the common Rapalla style trolling plugs that dive, like the Braid Marauder too. These modern plugs are towed from the top of the head as well to accentuate the diving action.
A center holed lure such as the one in your photo will not dive, it will roll over and troll 180 degrees from how it is in your hand. You do not need to do video this, just drag it close to the boat and watch. I have made lures that DO troll 'upside down' by heavily keel weighting them and reducing the face angle to lessen their tendency to roll over and come to the surface. Even then, it is not 100%, the lures can still be observed to be trying to roll over upright again. I do not offer the reverse keeled lures for general sale for this reason.
One lure that has overcome this is Tom's magnificent MarlinStar lure range, his lures feature a wider lower lip with sharp edges as opposed to the narrower top of the lure which has a smooth bevel. This allows water to flow smoothly over the top, but delaminates it underneath causing a low pressure area that will keep the lure from rolling back 'up'. His lures are not center holed either, the leader comes in at an angle like the Yap lure of old and as mentioned, like the diving plugs that tow from the top of their heads.
