Bait on tip-ups or artificial?
Bait. Depending on what you are targeting, you can use waxworms, mousies, dillies, mealworms and nightcrawlers.
Just remember that the amount of bait on the hook will determine what you can catch. Too much bait will only feed smaller fish as they pick it off the hook.
Too little bait might deter larger fish, as they won't see it as being worth the energy expended.
I've had success with half a dillie on my tip-ups for large sunfish. Will also work for perch, trout, crappie, bass and pickerel.
I would suggest brining a jigging rod & reel setup for artificial lures, to be used while waiting for tip-up action.
You may find that you will catch more fish jigging that on tip-ups.