First let me qualify this answer by telling you that most of the guys on this site have forgotten more about salmon and laker fishing than I will ever know.

I use live bait almost exclusively in the spring when smelt are available. When they are not, I use shiners. If they are not working I will switch to spoons and flies and increase the speed a bit. I have used both at the same time and done quite well but in order to do so I end up trolling metal too slow or live too fast but i still catch fish(usually).

Lastly, when I troll live bait I use rigs that I make myself. they are similar to the sliding bait rigs but I use much smaller hooks.