From what I have heard, Master Baiters has gone down hill in recent years. Their reputation is not good, and since there are several other captains with sterling reputations, I wouldn' consider Master Baiters.
Here is some info I have posted before...also if you search for threads with "Puerto Vallarta" in the title, you will find some other good threads.
There are a few top-notch operations in PV that are generally regarded as the best of the best. I would HIGHLY recommend securing a reservation with one of these operations, and avoiding most others. There is a huge disparity between the good and the bad charter operations in PV.
For offshore (tuna, marlin, dorado):
Pacifico Sportfishing (Capt Manny)
Primetime Adventures (Capt Josh Temple)
Top Gun Sportfishing (Juan Moll, Jr)
Marla II Sportfishing (Danny Osuna)
For inshore panga fishing (roosterfish, jacks, sails, dorado):
Capt Lora (can be reached through Primetime Adventures)
Esperanza Sportfishing (Capt. Kurt Hjort) - he also does offshore fishing
All contact information (as well as lots of other good info) can be found on this thread:
A good resource for Puerto Vallarta information
is the Bloody Decks forum - www.bloodydecks.com
. Check out the Mainland Mexico forum.
Let me know if you need any more info. Good luck...