Here is my opinion:
1. 7″ Berkley Power Worm or 5″ Senko type (whatever is on Sale)
2. Black, Brown, Green, White (in that order, depending on conditions)
3. Sort of depends on a few factors such as cover type and line type. I use 20# Power Pro or Fireline so I get the heavier guage 3/0 hooks. I like the worm hooks for the Power Worms and the wide gap hooks for the Senko style.
4. This is an exposed hook so you can get by with a smaller hook. Use the Senko type bait but place a split ring that squeezes over the worm, then slide the hook through the split ring. You will save money on bait.
5. Again depends on the conditions. 6 1/2 medium heavy spinning if you are throwing a jig worm or whacky worm or 6 1/2 medium heavy baitcaster if you are pitching around wood or weeds.
Another think to consider is rigging: Carolina, Texas, Jig Worm, rock jig, etc. I would recommend that you keep it simple, gain some confidence with two/three techniques and then expand your game. The three I would start with would be:
1. Whacky around docks and the deep weedline. Just cast er out and let it sit between twitches. Go s l o w …
2. Florida rig worm. The Florida rig weights have a spring that pegs the weight to the worm. The deeper/thicker the structure/cover the heavier. 3/8 is a good weight in general.
3. Jig Worm. This is another presentation that works well in thinner cover or outside the weedline. I like a 4 1/2″ Creek Critters hand poured bait for a jig worm.