I'd prefer having 3' or less visibility than having 7' visibility. There is less chances of spooking the fish during my approach and I'd be able to get closer for a more accurate cast.
Like you said, relying on their lateral line to attract fish under those conditions play a bigger role. Once you got their attention, then the color selection of your lure steps into play. In addition to "matching the hatch", take into account the bottom composition and color when choosing your lure. Black/blue or black/red color combination for bottom baits are popular because they provide a good color contrast to most lake bottoms.
Cheers!