If you are using live bait, hook the the back near the dorsal fin so they stay nice and lively. If you are using dead bait, try center punching them. I also like the bleeding bait hook, in any of the smaller sizes.
Walleyes teeth are indeed sharp but they come down point on point, there is little chance that they will cut your line. Try 4-5 feet of mono or fluorocarbon for your leader and if you are not in a weedy area position the bait a foot to foot and a half off the bottom.
WW