First, what kind of music are you playing? This greatly affects what's appropriate and what isn't.
In general, play the root on beat 1, and chordal tones on subsequent odd beats, nonchordal tones on even beats, with these even beats being slightly emphasized or even syncopated. Look for half or whole steps between chords when at all possible, half steps being preferable...Most descending fifth progressions make half-steps possible. This an extremely basic way to look at walking bass lines...feel free to deviate as much as you want.
Personally, when I play in a rock setting I usually approach things from a rhythmic standpoint first, and a tonal standpoint second. For instance, we're currently working on a song in 5/4 where the guitar plays a straight five groove with extremely quick harmonic motion (4 chords per measure). The drummer plays a syncopated five. I ride the middle by playing a line completely made up of root octaves with the upper octave being syncopated to match the drummer, but the lower octave thumping along on the straight five beats. I did some things with passing tones and other stuff in there, but ended up cutting all but the octaves out except for the last half beat of the measure where I throw in a passing half step between an AM chord and the bm chord starting the next measure. It took me some serious self-restraint to convince myself not to play with more harmony (the groove tonicizes b dorian...my favorite mode and tonic note...arrgh) but the bass line was better simpler in this case.
Wow...that got a little more in depth than I meant. To summarize...rhythm first, harmony second.