We need to understand that any bait is a wake bait, even a T-rigged senko. Why? Well, because it makes a wake when you retrieve it. Now, I assume, in this thread, we're talking about baits that make that wake *on the surface*.
Now let us think what we're trying to achieve with a wake bait. We're trying to, for lack of a better expression, call up a bass from down below; maybe from 1 foot down, or maybe from 15 feet down. Of course, we have seen bass actively busting baitfsh on the surface, and then I guess we don't need to *call them up*. In between those feeding frenzies, there will be times when you need to call them up. If we agree on the fact that almost all the time, we are trying to get a bass to come up to the top, and get that bait, we can proceed a bit further.
Bass, I believe, are very aware even of the tiniest bait in their vicinity. But, I also believe, that they are not going to come up a long way to eat a tiny bait most of the time. Why? Because the fish will expend way more energy than she'll gain in that endeavor. I have seen exceptions too, mostly those were overly aggressive little bass. This is also why I like bigger baits better. They move more water, draw bass from further away, and it's worth it for the bass to eat the bait. Exceptions? When the bass are keying in on tiny forage, etc; or when the big baits are simply not working, lol.
So, if we plan to throw a smaller wake bait, that doesn't mean we can't catch the bigger, smarter fish. We need to throw them where the bass would find it worthwhile to come up and eat it. Such as? Maybe a shallow grassy flat? Maybe some not too deep outside weed edges? Maybe over schooling fish that are suspending a couple of feet below the surface?
Any bait you have is a tool. Figure out what that bait can do (what techniques can be achieved by that bait), and then think what fishing scenario you can apply that technique to.
I like to keep things simple, and have just four *wakebaits*. They are all in the 6"-7" size range. The difference lies in the nature and magnitude of commotion they cause when retrieved. Thus, I like to use them in different situations; depending on wind, light, season etc. There are no set rules, but given a specific situation, I like to start with a specific bait, and change it up as needed.
BTW, the black dog shellcracker G2 is an excellent small big bait that is reasonably priced.
JM $0.02