I run when the ice is think/or snow cover. When thin ice, I normally run half way then walk the rest. If its running I set the hook, not too hard. I tell newbies to try a one foot hook set (move your had fast one foot). Not the full body, full arms length that I've seen break fish off on the hook set. I was taught to wait for the second run, but got sick of fish dropping it. Also, I let most big fish go now, and waiting causes more fish to be hooked deeply. A quick hook set should give you a better chance at an easy unhook/release, then letting them swallow it.
If I get there and the spool isn't turning, I wait a minute to see if anything happens. If nothing I carefully take the tipup out, grab the line as soon as the spool comes out and hold it steady, so I stop pulling the bait away from the fish (hopefully). I then put the tipup down and slowly pull the line in waiting to feel a fish, not bait. If I feel what I think is an actual fish, I set the hook, if just bait I keep coming in slowly. This preserves bait (a hook set without a fish on the end almost always rips the minnow off), and gives me a good chance at fish that run a little bit then stop (walleye, pike and perch all seam to do this often, especially walleye).
