All depends what type of trout you're after... I'd suggest fishing for lakers if you just want the opportunity for bigger fish and a fair chance at getting decent numbers. White perch can also be had and to me are much better table fare. I'd suspect your techniques with a wax worm would work for our white perch, though I have never tried that technique.
For both lakers and perch, you can easily rig a tipup with smelt. Use a size 8 hook through the back of the smelt (by the dorsal fin). Use somewhere around 8 pound leader material. A small swivel between your leader and your braided ice line will help. Have the smelt set so that it is about 1 to 3 feet off the bottom. This is a good starting location for both species. As with everything, find the depth and structure the fish are on and then drill a bunch of holes.
