I haven't used the chatterbait in that situation, so I cannot say whether or not it will work there.... but it wouldn't be my first choice in something like that. I personnally would have a few of these lures ready to go:
1) Senko - in clear water, probably color 323 (Watermelon with black/gold flakes), or some other variation of Watermelon with flake.
2) Drop shot - I like Culprits drop shot lures - I'd start with Pumpkin with blue/black flakes, and probably also try Smoke with black/purple flakes and Ghost Purple.
3) Jigging spoon - I'd slip a tube lure over it if the flash is scaring fish, so that way I have something with tenticles and a natural color, that can reach down to those deep fish.
4) A Carolina rigged Zoom Centipede in Watermelon color if you have any points to work over.
I've caught fish recently with a chatterbait, but most of those were in less than 8 feet of water, and the water was far from what I would call clear. I fish it like a spinnerbait - cast, reel, kill it, reel some more, hit some stumps/branches, kill it, reel it, pop the rod tip a time or two on the retrieve, reel to the boat. Most hits have come when I kill it after hitting structure, or when I pop it and let it fall.
Hope this helps.
All the best,
Glenn