I’m mostly using plain hooks for walleyes on a deadstick and as Fife and Pat mentioned the presentation will vary based on the conditions but here are a couple general guidelines that I used…
During daylight and in clearer water I prefer red hooks.
During low light conditions and in stained water I prefer chartreuse or glow painted hooks as to add visibility.
Earlier in the year I prefer larger baits starting with 6-8″ or even larger sucker minnows at first ice, transitioning to shiners during the middle of the winter, and moving down to fatheads by the late season.
The larger the minnow the higher off the bottom I put it… The fish looking for a big meal are going to be aggressive and getting them high allows them to be seen from a distance. I’ll set my big suckers 3-4′ off bottom early season.
Single hooks for fatheads and small shiners with the hooks always sized so that the hook gap is at least double the width of the minnows back. A single VMC sure set treble hook for large shiners and up to 6″ sucker minnows, and a quick strike rig with sure set trebles on large sucker minnows.