Here in Minnesota we can use live bait. However I have many times stuck on dead shiners in the hopes that if no walleye hit it, ol Mr.Pike will come get dinner.
I wish I could report some success, just 2 small pike when I have done that. I'm not much of a reference point as I have NEVER had good success of tip-ups, either my own, or anyone we are with. I have never personally seen a walleye caught on a tip-up. We only get them on deadsticks and jigging.
With that in mind, maybe hook the dead bait up to a deadstick and jig next to it, that way you can give it a little tug every now and again so you can try and sell the fish on a moving minnow/shiner, etc.
I just can't figure out why our tip-ups have such low success, yet other people crush fish on them. I hardly bring them with anymore.