Check out the 2012/2013 Chilliwack river steelhead fishery information & water information updates link in the general discussion forum. There is lots of info on the forum as to what to use for setups and how to read water, just use the search feature or scroll through some old posts. There are cheaper ways to learn how to fish for steelhead, the best way to learn is to put your time in out on the water. While your out there watch what others are doing, talk to people you'll be surprised at how friendly some people can be out there.
Also if you happen to notice people catching fish, remember where,water type(clarity,speed of current, what kind of structure if any),soon you will learn where fish are likely to be holding. Also cover as much water as you can don't just stay in one spot, there are far fewer steelhead then salmon. You have to find them not let them find you. Also remember there is not any one single best bait for these fish, learn to use one or two well then experiment after gaining success on those. As for guides i have had no personal experience,so can't help you there.
Just remember if you can catch a salmon, you can catch a steelhead. Just be a little more observant, when out on the river to whats going on around you. Chances are you'll get more satisfaction out of figuring it out for yourself, just be patient. As for the derby and the results, it's because it is held as a kickoff to the season and the huge amount of pressure spooks the fish that are in the system. I typically run 15lb mainline, small foam float balanced by 3 large split shots, a barrel swivel, about 18" of 12lb fluorocarbon leader, and a #2 red hook. Typical baits are roe bags, shrimp, colorado blades,single eggs with a tuft of wool, etc... Anyways hope i helped a little ,tight lines and good luck out there.