I only use my set of 6 for pike or burbot, enjoy catching my trout on rod and reel.
For burbot I put a 1" chunk of herring or whitefish on a 6/0 octopus hook with a 1oz weight about a foot up the line. I like to leave the bait about 3-6" off the bottom.
When fishing pike I'll put a half of a 6" herring or hooligan smelt on a 2 hook rig using 4/0 or 6/0 octopus hooks. I use the same Gamakatsu hooks I fish salmon with. I normally don't use a weight when setting tip ups for pike since I only fish 2-6 feet of water and generally only set the baits about a foot beneath the ice. With pike after I get a flag I'll let them run until they stop and take off again, they'll run a ways and then stop to swallow the bait that's when you put the hammer to them.
I used a set of the cheap box store tip ups for a year or two and hated them. I shopped around and ended up buying a set of BeaverDam tip ups made in Ardisam Wisconsin. The axle tubes are grease filled so they won't freeze and the bases are made of oak. They truly are a fine piece of machinery and a joy to use, no missed flags because of iced axles and they're made in the USA.
