Wrasse fishing is quite simply great fun, especially when you use sporting tackle
'Best' changes with location/weather/many other variables.
My favourite method is to simply driftline a bait (tie a hook onto the mainline and then add a couple of split shot) virtually under the rod tip. This provides some great sport, but is only really possible if you can 'stalk' the fish by getting right to the waters edge. Most of my biggest wrasse have been taken using this tactic. Other methods I use are simple ledgering (a 1 hook paternoster) or float fishing - it all depends on the type of mark you are fishing.
I also had some wrasse on plugs once, that was fun.
Bait is simple: Lugworm for quantity of fish, and hard back crab for better quality. Limpets, ragworm and mussels will also catch.
Time: Wrasse sleep at night, so that tells you that you have to fish in the daytime. As with most species, dawn and dusk are good times, but in reallity wrasse are catchable at any time of the day.
i think the best time for fishing for wrasse would have to be the day beacause they sleep at night and try float fishing a crab over a very rocky place any crab would do hard back, soft back and peeler, but myself i would use softback or peeler.