I have fished tip ups deep and shallow, since 1965...yikes!
I like braided dacron, black color prefered or chartruse green, in 20 pound or 30, and use 4 foot of 8 pound mono with swivel, and split shot a foot up above a nice sharp hook. Bait and hook changes with species I am targeting.
I take the care to take my tip ups in the house to dry in between trips out, or leave them in the shanty with a little wood in the stove to dry them out.
I bought a spool of braided dacron with the black vinyl line in 20 pound, I think I may like it, need to get it on a tip up but it should be good for a while.