I use Captain Hook's all the time when ordering hooks for making jigs. They have good prices when I buy in bulk.
Rule of thumb for me is to replace the hook with an equal size hook... exception is when the bait is the right size for the target fish yet the hook seems to big.
I only replace split rings when they give me trouble or are bent or mis shaped.
Never thought of using light wire rings but, most of my cranks are used for Salmon on the river so light wire wouldn't work.
I prefer good stainless steel hooks. You pay more for them but they seem to be more durable than others. For me they seem to sharpen better. Again, keep in mind that we are talking salmon and steelhead river baits and lake Michigan baits here.
I'm just getting into pulling cranks for crappie so I can't comment much on the hooks and such as of yet.