Since 1.9 made afk fishing a very easy and profitable endeavour (because you can use magic mending/unbreaking rods and ditch the rod storage/dispenser mechanism) and on top of mending you can use luck of the sea / lure and mending+unbreaking.
I have been using the following rod to afk fish:
Luck of The Sea III
But I came across this reddit post, with a very detailed analysis:
Based on this I calculate the average time (seconds, rounded to nearest integer) between treasures for each Lure/Luck combination:
Lure↓\Luck→ 0 1 2 3 0 500 417 357 313 1 500 400 333 286 2 583 438 350 292 3 750 500 375 300
As you can see, Lure 1 and Luck of the Sea 3 is the best combination for time efficient treasure finding.
There were several changes to fishing in 1.9. What is the best magic fishing rod for catching treasure?