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In my experience, smaller is better with largemouth in the winter. The biggest bait I can remember ever getting a bass on was a shiner, maybe 2" or 3" long. I almost never use bait that small on tip ups if I can help it, and I can't recall a single bass I ever got on a bait bigger than that. Even in lakes that are good in the early summer, are usually dead ice fishing. I get bass from time to time, but it's always on small panfish jigs. They don't seem to like to chase much either, I don't know that I've ever got one on a jigging rap.My opinion, I would not waste my time with tip ups for bass, but if bass is mainly what you have, try it. I would go pretty light, maybe a 4# leader. I would rather use a rod holding tip up like a finicky fooler, rather than a more typical tip up. I would do that both for fighting the fish with lighter line, and for a more sensitive flag trip. Bass are very timid in the winter. I don't even know what a good bait would be. I've got more bass on tungsten jigs with wax worms than I have on crappie minnows, but I'm not sure a tungsten jig with no jigging would be very good.We get mostly smallmouth here in SD, and they act a little different. They tend to go much deeper. I don't have any experience getting smallmouths in the winter.
That's interesting, my bass here in SE Nebraska are generally aggressive when they hit. Never tried tip ups for them, but I agree with your finicky fooler suggestion.