The two weapons fire independently. You can confirm this by equipping something slow in the MH and fast in the offhand, or even a non-weapon in the MH.
What to put on each hand is more complicated. Ratio is very important but around the high 30’s (as I recall) the damage bonus on the MH increases slowly until it’s 11pts at level 60. That makes some faster weapons like the Swift Blade of Zek do more damage than better ratio weapons like the Blam Stick.
You also have to keep in mind your max hit. Those low levels you might be limited to roughly 20-30damage so speed wins over ratio.
Of course, rogues have it more complicated since most good backstab weapons have mediocre ratios and are slow. Luckily the upgrade paths are fairly well documented and the epic solves a lot of those discussions. If you are worrying about offhanding it that is a good place to be in.
If you have a specific scenario (class, level, gear) I expect we can weigh in better.
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