I just realized the circumstances in which I'll throw a spook-style walking bait are basically the same as the ones where I'll throw a wakebait. So how do ya'll differentiate them? When do you use one vs. the other?

I can't catch fish on wakebaits, while I have lots of success with walking baits, that's the big difference for me. Only wakebaits I have good luck with are waking swimbaits like rats and MS Slammers. 

This is an easy decision for me, I will use the walking bait first and if the are swiping at it or they boil under the bait without committing to it, that is when I go with a wake bait. It is usually cut and dry, you'll get hook ups on the walking bait but they will be barely hooked and you'll miss and lose more than you land, that is a perfect time for a wake bait.

This is a great question actually and surprised there are not more thoughts than this... 

anyhow my answer while not technically correct just works due to the way I fish. 

I like working wake baits in rocky lakes/ rocky areas be it shallow or deep.

I like working walking baits around wood cover and docks.

Not so much as trying to understand what the fish want but this gives me a better opportunity to work the bait more effectively. 

I agree with Blue abover though...only wakebait I throw are rats and slammers.

and super spooks and frogs in walking baits.

If the bass are holding tight to cover a walking surface lure stays in a smaller area longer while creating a surface commotion. Wake baits are swimmers that cover more water faster with less surface disturbance. Which surface lure to use? Trail and error!

Tom

I don't have much to add, these guys have covered it. I have to say that I recommend the Lucky Craft 3.5 wake crank, I've caught a lot of fish of all sizes on it