For Baited Hook, when do you pick the target, and what happens if the target is missing when the ability resolves?

Ruling: You pick the target when activating the ability. If the target is missing at resolution, the "kill a friendly unit" part fizzles, but you still look at the top 5 cards of your main deck and recycle them.

Sequence:

• Kill a friendly unit: fizzles if the target is not present anymore
• Look at the top 5 cards of your main deck: do as much as you can, so you do it even if target is missing
• Banish a unit with might up to 1 more: can't find any because there is no might to compare
• Recycle the rest: do as much as you can, recycle the 5 cards

Nuances:

• The game does not use last known information for checking unit stats like Might
• If the unit is not killed or is missing, you cannot check the unit might and won't resolve the "search a unit" part, but other parts of the ability resolve as much as possible