Question 1 - No difference, other than color, price, and the fact I put it together instead of buying it, which goes back to price.
Question 2 - Slow death spirals the worm through the water and works best at .8 to 1 MPH. I was fishing at .4 to .6 MPH. The fish wanted a more natural no spiral. That changes from day to day.
Question 3 - I used what I had. Most of the normal walleye weights work well on out lake bottom. The key for me is the premium you seem to pay for technique specific pieces of gear.
Question 4 - Walleye are a nocturnal fish. Most people do better in low light situations -> early, late, night, and heavy chop on the water. However, Many times my best period has been middle of the day. I think it depends on when the schools of walleye move into the area you fish.
Question 5 - I use 7 foot medium power rods with 10# braid (Power Pro Depth Hunter Metered line) and I set them up with baitcaster reels with a good drag. I use the same rods and line when I troll lures.
good luck