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The length of the lip does not do as much for depth as the angle and position of the line tie. Think of a redfin that has a long thin lip, and a rebel deep diver that as a wide horizontal lip.
The wider the lip, the more roll (often useful in handcarves that tend to have tight wiggles). Think of the bigO that has a flared lip. Particularly on these lazy-shaped square sectioned "handcarves" (as opposed to the thin deep finnish minnow shapes) that people turn out with a bandsaw and sandpaper, a wide lip may be needed to force the square belly and associated chine to roll a little.
The position of the line tie on handcarves is complicated with regards to depth. Vodkaman has a complex discussion about it over on the TU site. It is a vector problem. In general, the closer to midline the deeper you go for any lip set up, which is why top running baits usually have the line tie under the nose a bit. For true deep running baits, the line tie needs to be on the lip and as close to midline as possible (I think).
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