Rule #1: Length is most important.
You are not as accurate with your fairway wood as you may think. According to Arccos Golf, a scratch golfer will only hit 2.4% more fairways with their 3 wood than their driver.
To put that number into perspective, it will take this caliber of golfer three rounds of golf to hit ONE extra fairway if they use 3-wood off of the tee on every drive. That is not worth sacrificing the 15 yards over hitting the driver.
Rule #2: Find the danger left, and right, and pick a target right between these two points.
The rough is not as penalizing as some may think. If aiming down the right side of the fairway means missing the left trees more often, a few shots in the right rough is worth it.
Rule #3: If you have hazards on both sides of the fairway, pick a club that will either carry over, or stop short of one of the hazards.
You will not see very many holes where both sides of the fairway are lined with hazards. If you do not have to drop back too far, giving yourself this extra width will help cut down on penalty strokes.
Rule #4: There is little to gain by forcing it closer to the hole once you have a short club in your hand.
A 70-yard shot is easier than a 110-yard shot, but if the extra 40 yards brings a hazard into play, dropping back to a full wedge may be the prudent play.
Rule #5: Stick to one shot shape on all your tee shots.
For the most part you have the ability to hit any shot off the tee and hit the fairway. If a tree is blocking your shot shape though, dropping back to a hybrid may benefit more than trying to hit a shot you may not be able to hit.