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I actually put my splitshot above the swivel, on the main line of the tip up. I The bait stays down and rarely gets tangled.
I've actually used weight below the bait with good success.
I've actually used weight below the bait with good success. I have used a 1/8 oz sinker attached below the bait which I let rest on the bottom, then position your leader a couple feet long a few feet up the main line. Your minnow can swim anywhere in a large imaginary sphere whose radius is equal to the length of the leader. (make sure your leader length/height is adjusted so the minnow can rest on the bottom. This works really well on light biting fish.
That was my thinking too....that it wouldn't work. I started setting up one tip-up like that and by the end of the day 4 of them were rigged as such. I don't know but I am thinking that it may have actually helped with the hooksetting, maybe as the perch tried to swim away they hooked themselves...all I know is the few times I tried it last year I had alot of success...all were hooked solid in the top of the snout. I'm not saying that it will absolutely work, but it certainly worked for me. I was using quality hooks too that were really sharp. Give it a try...you've got nothing to lose