I've only tried live minnows once on my pond. I used shiners of some sort. they were about 2-3 inches. I caught a bunch of HBG a catfish and a small LMB. I finally switched to artificials and started catching a lot more LMB. Artificial lures outfished the live minnows by quite a bit when targeting LMB.
For variety I guess they work pretty good. I pretty much caught every kind of fish in the pond while using minnows.