Powerbait will work for rainbows. It does work a lot better for stocked rainbows than ones that naturally reproduce in a body of water. Occaisonally it does work better than worms or other natural baits. So if you have sucess with it, keep using it I say. I have seen it catch brookies and cutts as well. Even saw a guy catch a laker on a small ball of powerbait. Can't recall seeing a brown caught on it, though.
I generally use worms, maggots, mealies, or waxies for trout under the ice. I usually fish parts of these baits on small jigs like shrimpo's, small kastmasters, stingers, or tear drops. On a deadstick rod I rig a crawler piece or a whole mealie or maggot on a plain hook with a small splitshot.
I would say keep using powerbait. But I think you should also try naturals for bows too. They seem to work a lot better for me. But maybe that's just becaue they lakes I fish the trout are primarly from wild spawn. I have seen it where stocked trout will hit powerbait better than naturals though, so I think you should carry both. Also, any lakes where other types of fish, such as panfish, walleyes, or bass occur with trout, I would strictly use naturals, as they will catch these other types as well.
Tyler