I like the cranks with rattles for larger walleye when fishing the windward shore or windward side of a reef.  The size I use is more of a function of the depth I want to reach.  Usually in these conditions the fish are up shallower, less than 15' for the most part.

I think the rattles help the fish notice my lure better in the noisier conditions I find where the wind is pounding the waves against a shoreline or reef top.  I've boated a lot of 4+ lb. walleye with a midsized Lightnin' Shad deep runner (no longer in production, unfortunately).  Believe me, I went on a spending spree when they got discontinued and started to hit the bargain bin to clear them out.  I think I hit every tackle store in a 20 mile radius.  ;D  

I'm usually running it in the bottom 2-3 feet of the water column.  As long as I bang bottom occasionally, I know I'm hitting the right depth.

Color, to me, is almost the last thing I'll consider.  Sometimes it can matter a lot but often it's much more about lure action and depth.  My partner and I will switch baits and colors a lot until we find the hot lure for the conditions, never running the same lure or color as the other until we gradually dial in on the lure of the moment.

For sure, the warmer the water the more I tend to use baits with rattles.  When the water temp has the fish active, the rattles will call 'em in from a good distance for a look-see.  When the water is colder, I tend to go with balsa baits a lot more and slow down.

On a few occasions, we've found it effective to have one rattling crank on and a balsa bait on the other line.  Seems like the rattler wakes them up and the balsa sticks 'em.  When we both go to balsa, the bite dies off.  Doesn't happen often though.