I would buy the newest GoPro Marty. It has built in wifi and can be controlled with an app on your phone. I have the Hero2 and had to buy the wifi adapter separately. The app on your phone is nice so you can see if the camera is pointed exactly where you want it, since there is no viewfinder on the camera itself.
The SD card I have is good for about 4 hours, so 2 cards would be ideal. What I do is leave the camera running all day, but stop it about every half hour and delete the file if there hasn't been any action. I did miss some good action on Saturday afternoon because the card was full.
I use Windows Movie Maker to edit the video. I think it comes packaged in Windows Vista, so it free. A little learning curve to it, but not bad really.
The camera mounted on the tackle station seems like the best location. I had it mounted on the roof when I shot this video last year. It really gave a weird view although I was able to edit some of it out....
http://youtu.be/o-RCbV0NQvY
http://youtu.be/BF4HEsYELD8