[DINGO]

Attracting bass from miles around might be a touch strong, but think of it like this. If your walking down a road and smell some one cooking dinner, you notice it, even if your not hungry or going to share the meal. Well peelers give off plenty of fluids during the moult.
Have to agree with MyFish, never even heard of a bass caught with a peeler in it. Hardbacks (almost every bass around here has 50p to 2" across the shell sized hardbacks in their stomachs.

 

[DINGO]

All depends on dozens of factors, tide, wind direction and speed, clairty, if there is an easier source of food else where, and the list goes on and on. There is some evidence that some bass return to the same general areas year after year. But remember bass always want the easiest feed they can get. They might wait until the last hour of the dropping tide (and let the dropping tide concentrate the food) or they might follow the baitfish in on the food and hammer them against the beach at HW.
Every mark tends to be different, get out and fish it and you will find out when the bass are there, and feeding.