I have used things as large and smelly as dead livestock as bait, and it doesn't work very well. The coyotes will be in the area, but not likely to expose themselves in daylight, or in the short hours you are actually covering the bait. Calling is far more effective than baiting.
That doesn't mean it won't work, but you may well spend a lot of hours watching your sickle without much action.
Around here, if the horse/cow/bull/etc has been medicated prior to dying, only the birds will touch it.