hey there, if you are going to start fishing for walleyes, welcome to the good life!
Ill take one of your questions here concerning bait. With the ability to run two lines thru the ice, 95% of the time i jig one rod and use a bobber (deadstick) on the other. Alot of times your jigging rod will attract a walleye and bring it in, but if they are in a slower mood and wont hit your jig, they will move over and hit your bobber rod. On the jigging rod, i like a 1/8th, 1/4, 3/16th oz spoons depending on depth, current etc. I hook a minnow head on the treble on the spoon. Sometimes just the head, others the front 1/3 of the minnow.
On my bobber rod, I like to use a Custom Jigs and Spins Demon http://www.customjigsandspins.com/icefishing/hardspoons/demon.html. I like the bigger profile of these baits. I hook a chub or shiner minnow thru the back more towards the tail, so the minnow can swim and be upright while having a hook in it. Any rod in the 26 to 32 inch range will work good for you at first but after awhile you will find out what you like.
I know many guys who keep minnows in a small cooler type thermos that is used for drinking water. They have a screw able top that doesn’t allow water to leak out which is nice while transporting them, and can hold maybe 1/2 gallon of water. I use the plano bucket that has Styrofoam in it. http://www.jannsnetcraft.com/bait-traps-buckets-aerators/024099007221.aspx It is just like a 5 gallon bucket, but a little smaller with a cover.
Since i fish about every day, i buy 3 dozen minnows at a time so im not always going back to the bait store. I bring them inside every night, and change the water every day i fish and they last a long time. This is where the insulated minnow bucket is awesome, due to me fishing early in the am, then going to class then work and with the bait in my truck all day long, even by 10pm when i get home there is no ice in the bucket and the minnows are ready to go the next morning.
Hope this helps for the bait part, any more questions just ask! Once you get that first good eye, you will be addicted forever!