Good question. Like anything with fishing, I think it depends on the fish, lake, mood, etc.
So far this year if i had to rank our (our being my friends and I) Walleye catches they would break down like this.
Deadstick - Full shiners - 4
Macho minnow w/full minnow - 4
Buckshot with full minnow - 3
Same lures or type of lures as above with minnow heads - 2
Chubby Darter and PK flutterfish (no bait) - 4
I prefer no bait type lures as I hole hop quite a bit. My friends have seemed to have better success with full minnows than heads. They hook behind the dorsal fin so the minnow angles downward a bit like it's swimming for cover. That way with a spoon and full minnow it's almost like a small pack of minnows for the walleye to hit. Red Glow has been the best bet on the jigging spoons and chubby darter. Not much luck on green glowing lures. Again, this may be lake dependent.
Just watch what you tip with. It has been said that more bait takes away the lure/spoon's action. I wouldn't tip a chubby or PK unless things really got tough and desperate. Even then only a head or waxie for scent. If the bait is designed for no bait, i wouldn't. But you can always try new stuff.
My friend who has had the most success basically throws a full shiner on his spoons trebles. I'm sure it kills the "natural" action, but it's a hefty easy meal that the walleyes can't seem to avoid. The lure and spoon to attract the fish with noise, sight, etc...then the shiner to dine on when they approach.