I like to use two different approaches for walleyes. Crankbaits work best about half the time, and jigs work best about half the time.
I like limp six pound mono for walleye fishing. A softer action rod is needed for cranks to help keep fish hooked. I like wally divers, tail dancers, rat L traps, and cordell super spots. Other cranks can work well too.
For jigs I like 3 inch twistertail grubs in whites, yellows, chartreuse, browns, smokes, baitfish colors, and purple. If the bottom isn't snaggy, I use 1/8 or 1/4 ounce gamakatsu jigheads. If the bottom is snaggy, 1/8 or 1/4 ounce lindy no snagg timber rock jigs get the call. You need a stiffer rod with more backbone for sensitivity and hookset power with jigs.
Good old bait is hard to beat when waldoes are tough. Minnows under a slipbobber are basically unbeatable setups for livebait. Just remember like TFB said to concentrate on the two twilight periods. Chances are you will suceed with these tactics. If not, their probably aren't many walleyes in the lake.
Tyler