tip ups, i love 'em and hate 'em. they're a good tool to have if you're gonna be out all day, but if you're gonna move very much/far they're a waste of time. if you're gonna fish a particular area for an extended period of time, (creek channel, point, sunken island etc.) set them at different depths, and if you get a lot of flags in a certain spot , move and start jiggin there.
they're used mostly for bigger fish, but i've caught crappies, gills and perch on them. i'm old school. never used the ones that hold a fishing rod. something about fighting big a fish without a flexible rod and a drag... just your arm, is fun to me.
i spool mine with black tip up line, easy to see on snow and ice, pound test doesn't matter. add a barrel swivel, 2 to 4 foot mono leader for the fish you're after. beads or spinner blades above the hook won't hurt.
check them often, in cold weather your holes will freeze quick, and if a flag goes up, you don't want to chop your tip up out of the ice, costing you a fish.(don't ask me how i know). hope this helps.