Sweep set while reeling down hard is usually good. An XH action rod might be too stiff. Much like crankbait or zara spook fishing, you don't need a stiff rod for wakebaits.

With an 8' rod you can move a lot of line from the point when the fish hits to the point when the rod is loaded up.

As far as timing goes, I am not a believer in using a system like "I count to 3 then set". Over time you should just develop an instinctive feel for when to set the hook. Being jumpy is always bad. Processing it in your head for a second 'OK there's one' then sweep setting is good.

The slight pause will help you if the fish misses the lure altogether. If the fish is really hungry it might come back for another hit or you might get another cast at it.