I would expect coyotes to find it within hours if they are in the area, maybe within an hour. But I don't hunt over bait much at all.
Coyotes come to a bait when THEY want to. I want them to come when I want them to. You can spend a lot of time waiting over bait. We often call in the vicinity of a dead cow or something that a farmer has dragged out of his lot because coyotes will congregate in the area, but sitting around waiting for a coyote to decide he wants to visit the bait is boring.
I don't think dragging one from stand to stand is worth the effort. Your smell will be as strong as the bait's odor for one thing, and unless you lay it down within a couple of hundred meters upwind of a coyote at the time, you will be waiting a long time for it to be even discovered. Then you will have to wait while they investigate their first approach to the bait.