I just use a piece of ply with 'v' notches at each end.
Advantages:
Cheap, don't think the wife will ever notice where I got it from.
Think it floats (the ply does but not sure when loaded with cord . . . hmm, will have to test!),
Holds lots of line,
Can use in emergencies to cut bait up on,
And if you are swallowed by a croc, make sure you are holding it when sliding down throat as you can use it to prop croc's mouth open so you can crawl out and escape.
Disadvantage:
People whack me with it and tell me to settle down.