I posted this question on lake-link last year and got these responses. I feel I can share them here because no one seems to be giving away any honeyholes...
"the lake is 35' deep, so it does not get choppy like Koshkonong. Pleasure boaters take over the lake most weekends in the summer by 10-11am, but you can get in several good hours of fishing from 5-11am. Prevailing heavy winds here come from the west and south west, and the east shore of Waubesa has plenty of good fishing spots sheltered from prevailing wind directions... "
"From mid April to mid June fish green weeds in the 6' range in towards shore to 4' of water. Use a small ice jig and red worms set below a small bobber so you bait sits just above the weeds and let the wind move your bait along the weeds. End of May into June the gills will go uo on the gravel to spawn/nest. After spawning they will move back out to the weed edges before going deep for the summer. I hope this helps you feel free to call if you need more info. 262-719-6331 Tom (Mr. Gilly's guide service) "
"The last four years I spent a majority of my fishing trips on Waubesa. First off, it's an excellent panfish lake, especially bluegill. There are some nice crappie and perch, but not in nearly in the numbers like bluegill. The gills are perfect eating size - ninety percent of what I catch are 7.5"-8.5", but I've caught a few in the 9" as well as one 10" female last spring."
"With the way the lake is oriented, with a strong S or SW wind, it can be difficult to find a good place to fish and be out of the wind. If there's a large W component, out in front of Christie's or Hog Island should be fishable. Likewise, if there's a string E component, Babcock and Rockford Heights and the Bible camp are decent. If there's a strong North wind, just South of Hog Island is about the only option, especially in the summer. In spring, the North side of the lake holds most of the fish until about end of May. "