Here's the BPS version of the chain type retriever. Works on wood. Daiwa makes something similar, TW carries it. A lot of guys put these on one of those retractable dogleash deals, or mount them on a cut down rod. http://www.basspro.com/Bass-Pro-Shops-EZ-Lure-Retriever-Kit/product/52869/
I just watched Honey Hole Outdoors today, wouldn't you know it, Bill Wilcox got a deep diving crank hung up, he used a 2 oz teardrop sinker, attached it via a swivel to his line, let it drop and banged it a while on his lure and worked it free. Bad thing about that set up is if you're lure doesn't come off, your out another $1 for the sinker.