I have ice fished it only once. I was hoping for walleye or perch, but I only caught trout.
I think it is fine as long as you check the ice before you get out very far and look for breaks. The flow out of the reservoir is quite variable. It has been said that a few people have had the experience of drilling a hole and finding the water to be several feet below the ice.
Also because there is a continual and quick water exchange on Oneida, it would probably be good idea to drill several holes and keep an eye on the ice thickness.
If the water is at a normal level to the ice when you start, I don't think there is any chance that they could run it fast enough to make a noticeable change while you are actually on the ice. So I would think that if you use good sense and check things carefully you should be okay.