Got the "Automatic" Fisherman for Christmas, at first I thought it was another one of those gimmicks that would end up in the attic.
I am really impressed with it, and compared to my other tip ups, it has the best hook up ratio this winter. (By a wide margin)
They can be a little difficult to get set up, until you get used to it. Here's how I rig mine :
I have one of the spools rigged with a superbraid fishing line, I then tie on a leader. Usually a couple of feet of #8 pound flourocarbon fishing line, to my quick strike rig.
I use small trebbles, #12 for pike, #16 for Walleye, and #20 for panfish, trout and whitefish.
I don't know about using the octopus style hooks, because this thing sets the hook, I think you would be better off with treble hooks.
So far this year I have caught Bass, Pike, Walleye, Brook trout, perch and whitefish on my automatic fisherman the hooking percentage is awesome, and I have only had the thing trip twice without finding a fish on the line.
Hope this helps,
Wiener