Well i'm no expert at this so i'm sure i'll be corrected on something, but i think it depends on what lure you are usein. If you are usein crankbaits then it depends on the depth size, you want to go as fast as it takes to get the lure in the strick zone or to the max depth of the lure. If you are usein live bait then go farely slow, use your trollin motor or small outboard.
As far as baits well thats kinda personal pref. I use a lot of walmart brands, I like shad colors and yellows or blues, just depends on the time of year. I try not to get into the whole my baits are better than your crap i just find out what the fish are bitein and go get the best colors i can find. The only thing i spend money on is my poles and reels, i like loomis rods and abu reels. BYW what are wipers.