The BAD: the recent rains have turned the lake into "chocolate milk" this is never a good thing. It is important to fish the cleanest water you can find.
The GOOD: The water level is very high. This means that the shallow cover will attract more fish and fish will hold in places that they usually do not. Wood is very important
Bass: Early in the morning they are schooling heavy on shad near the surface. Do not leave home without a topwater bait tied on. The bit can be very quick and unpredictable, but it could be very rewarding. Crappie are also schooling the shad. I had very good luck for BIG crappie popping a red or chartreuse jig through the busting school. A shallow slip bobber also works well when the fish settle down. When bass aren't schooling, they can be found around the new shallow cover. I've had a lot of luck pitching a jig into the trees. Just the other day I landed 32 bass in 2.5 hours switching between the topwater and the jig bite when it slowed down. 5 of these fish were over 16" which is pretty good for Homer Lake.
Catfish: I've been catching a lot doing a similar method to the bass jig fishing. I toss a chicken liver on a treble near the sunken trees and count to 60. If I don't get a hit I cast again or move on. The aggressive cats will hit the sinking bait immediately. Not many giants, but plenty of 16-18" fish. Be sure to cover the trebles completely with the liver. You will still occasionally get hung up, but the fish do not seem like they want to chase the bait out into deeper water just yet.