Let's try this again with the commentary that I not only originally intended, but actually wrote:
q1: The crux of the biscuit is the apostrophe . . .
q2: For those who know the older spelling or who stop to consider the matter, baited breath evokes an incongruous image; Geoffrey Taylor humorously (and consciously) captured it in verse in his poem Cruel Clever Cat:
Sally, having swallowed cheese,
Directs down holes the scented breeze,
Enticing thus with baited breath
Nice mice to an untimely death.