Your question is one that can not be answered as it is asked. There are to many variables and options to pick just one ot two. I have personally had days thet the best thing was a 3 inch black twister tail on a jig head up to days where the best thing was a 16 inch long live sucker suspended under a muskie float-- and every lure/bait in between those 2 extremes.
The lake type, stucture type on the lake, season of the year, dominant forage (food) base in the system, weather on that day, weather leading up to that day, are there weeds, rocks, current, how much fishing pressure is there, what is the water clarity, and many other factors must be considered.
All that being said you then narrow the field of lures/bait with each answer and arrive at a few that would seem to be the highest percentage in a given situation. You begin with those and fine tune presentations of those lures at that point. Many lures have MANY DIFFERENT ways to fish them depending on the situations on a specific day on a specific body of water.
But that's a lot of the fun...running the mental grid and experimenting to find the best lure options at the best retrieve styles on a specific day on a specific body of water.
Just as a starting point though--the 2 most important things to consider in fishing are 1. What is the best DEPTH to fish at on a given day. and 2. What is the best SPEED to fish at on a given day. These 2 questions are the MOST important ones to answer on any day--much more than a specific lure to use. If you are at the right depth at the right speed at the right size having the right vibrations in a passable color then you will score most of the time. But it starts with the right depth and speed. After all, it makes no sense to fish a top water bait if the skis are suspended at 30 feet depths off a point.
As my old pappy used to say..The key to consistenly catching muskies is to put high percentage lures in high percentage places a high percentage of the time.
Well that's a lot to chew on, but it will get you going on the right foot!
If you've got short, stubby fingers and wear reading glasses, any relaxation you would normally derive from fly fishing is completely eliminated when you try to tie on a fly. ~ Jack Ohman, Fear of Fly Fishing, 1988