If you are going to use stationary tip-ups, then live bait is the best. If you are going to use tip-ups that self jig or propelled by wind, you can use frozen smelt, or chubs. Most of what I caught on tip-ups are usually bass or northern pike and sometimes walleye.
Now if you are looking for panfish (crappies, gills, perch, walleye etc), then I would use a jigging rod and jig for the fish. In this case you can use waxies (waxworms), spikes(maggots) or wigglers(hellgramites). Also you can use the colored berkely power nibblets. I've never used nightcrawlers or leeches, reason being, fish under the ice, especially panfish are looking for a smaller presentation. Also I don't think nightcrawlers and leeches are readily available in the winter months. As you know minnows are a killer for walleye and bass. Finally, it's good to have several baits with you.
You can buy waxies and spikes in bulk as they are cheaper that way, and can be kept in a cool place.