Well, you will get a lot of arguments over all of the issues want tackled. Bait, hooks, line etc. To be honest, any tip-up you buy will work just fine. There is no need to go all out until you get the hang of it. Just put a good sized hook on the end (I use #2 or #4's a lot of the time) and a few split shot about 15 inches up from that. Put your bait about 3 or 4 feet from bottom if using live bait, or about a foot off of bottom if using dead bait. Good sized suckers or golden shiners work fine for minnow options. Fish the outside edges of weed beds or drop offs, and I'm sure you will score a few pike. Depth is kinda relative to the lake you fish. As long as you find good weed beds, you will do good. Good luck and rip those lips!