I assume that you're fishing some tidal water if you've got access to menhaden. I fish similar water here in NC and I've used menhaden on occasion but I've never caught anything on them. However, if I'd used them more than a few times my results may be different. I have heard that mullet works well from some very respectable fishermen but I've never had the first bite on them.
Since several members report good success using menhaden oil as an attractant for catfish, I'd certainly think it would make a good bait, but the only way to tell for sure is to give it a try, preferably alongside some good standard bait.
yes menhaden(bunker) work fine especially in the fall here in DE. the only difference is we use chunks instead of strips the biggest one i landed was an 11# last fall with a bigger estimated 15+ breaking 20lb test mono 3 years ago. i even have a trick i learned to do with the heads that makes them good baits too. hmmm sounds like and article for the library.
menhaden (bunker) is my go to bait. it has an odor unlike other cut baits. have landed over 50 blue cats in the last 3 monthes ranging from 20-50 lbs on this stuff. really want to try it fresh. all i have access to is frozen and it still works as good if not better than the shad and aleswives. i recomend giving it a try!