As for Toronto, there are a few threads on Remingtons and Flash already. Have a look.
What to do? ... Go with some buds and order a pitcher of beer to share. Economy of scales will help extend your fun time. And if you're bored, you'll have someone to talk to.
What to look out for? ... Muscles, butts, cocks, twinks, hustlers
When to tip? When you had enough to drink and can stumble up to the stage to slip money into the dancer's underwear or crack or ... wherever.
How much to tip? Totally up to you ... but here in Canada, usually $5 CAD.
When is the best times to go? For Toronto, Friday and Saturday nights (after 10pm or 11pm). Thursday can be a good night too.
What will guarantee you a great time? I am afraid there's no guarantee.
Keep in mind, that the dancers make most of their money by taking customers for private dances. Usually, there is an entrance fee to get to the private room, and the rate is per song. Interactivity at the back varies greatly from dancer to dancer.
Have fun!