You are going to get 15 answers to this questions, as you would with most "what should i use" type questions. So I will give you what I have had success with. I have read, and experienced success with, this rule with color (Specific to walley): "Walley can see blak, red, orange, chartuese contrasts best" However, I think the most important question you didn't ask about was action desired of the jerkbait in comparison to water temp/season
Subtle Action : "Early Spring and Late Fall when water temperature is 50 degress and under, subtle action baits are most successful these are classfied as straight minnow type crank baits.)
Moderate Action: " As the water temperature increases during late spring into early summer to 50 to 60 degrees it’s time for moderate action. The moderate action lures will have a slightly deep diving lip, sporting a curved body profile to enhance the action."
High Action: "When the water temperature reaches 70 degrees and above during the mid summer peak, it’s time to think aggressive as the walleye feeding and its metabolism rate is peaking, high action crankbaits are the best choice"
I think to best answer your question, you be best off looking at this website: http://www.walleye411.com/fishing-for-walleyes-using-crankbaits/
which is where I got the information on action. This should give you a more intuitive place to start looking for "best jerkbait size and color".
Hope this helps, good luck!