I'm with Larry B. on his solution to the best way to customize plugs: put a single hook dressed w/ bucktail on the back, ditch the middle hook altogether, and chop one hook off of the front treble. As far as what color buctail to dress the rear hook with,
I'd say stay consistant with the dominant color of the plug, or use white (which in most cases matches the underbelly). Yellow can be quite effective also, as long as it isn't too out of keeping with the rest of the lure.
One neat idea I came across this winter is to remove the rear hook entirely, tie 6"-8" of mono to the ring and tie a dropper fly to the end of the mono, in effect fishing the dropper behind the plug rather than in front. How well this will work or how wel
l it will cast remains to be seen, but it's a cool notion, anyway.