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I like to set my tip ups suspended at various depths beneath the ice. I like to set my tip ups very close to a steep drop off. Many times I suspend the bait 1/2 the depth of the water. Last week I caught a nice brown on a tip up set 25 ft down over 50 FOW. I have a secret trick. I measure out different suspended depths at HOME. I use a small split shot to mark the depth. I then write on masking tape the depth on each tip up. This way when you get to the ice, all you have to do is put the bait on and lower it to its' designated depth. This saves you time but more importantly your hands will stay warm. I've done this for years. I sit back and relax watching my tip ups while other fishermen are struggling to to set up their tip ups in the cold. Good Luck!
This is a great idea. I've heard of some people doing something similar where they'll but buttons to mark depth when we're fishing our bigger lake (100 FOW or more in some spots). I never really thought about this for some of the water I fish but after fishing all day Saturday in 30 MPH winds on a cold day I might have to take this approach.