I would definitely use Dacron. When choosing the line, think more of handling it with cold hands.....I go fairly heavy so that it is easier to handle...its easier to "fight" the fish when you got good control of the line....with cold temps and numb fingers...the thicker line works best....now you don't need to get carried away, BUT I would say 30# is minimum to handle when its cold out....
Leaders....."most" quick strike rigs (that are made of steel) are long enough to be considered a leader as well.....I wouldn't think it is necessary to use another steel leader on top of that. I make my own quick strikes, and insure they are long enough to act as a leader as well....
Trout....tip ups can ABSOLUTLY be used for trout.....just put the flag on the smooth side of the "T" (as apposed to the grooved side)....In this case I still use the Dacron, but I tie a 4-5' mono leader between the Dacron and lure. This is the same thing I do for walleye, I just change up the # test of that mono leader depending on the species I am after.
oh ya....GOOD LUCK!
Another tip on the polar tip up is to modify it by taking the "line guide" at the spool and fixing it so it will not spin. I do this by moving it up, then wrapping the main shaft a couple times with electrical tape....then cork screwing the line guide back down into position. These tip ups are fairly smooth and what can happen is when using heavier baits (like for pike) the line guide can spin and actually unwind your line, dropping the lure to the bottom...this modification will stop that. in the same regard, If you have the tip up set too heavy, a light strike followed by the fish swimming away with the bait can also cause the line guide to rotate on the shaft, which removes line, but does not set off the tip up....the electrical tape trick will eliminate both of these happening....
One other note....change you Dacron regularly...I think sometimes people think that since it is so heavy, it will last forever....but after time, the material will degrade...and it is constantly being rubbed into the corners of the ice at the bottom of your hole....don't loose the big one because of bad line...
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