Find out what your regs are for tip-ups (or tip-downs which are better for panfish). For example New York State currently allows 5 tip-ups and three poles per person (this will change until next spring when new regs go into effect). What this means is if I go fishing with my father we can have a total of 10 tip-ups. I generally set up a "base camp" on the ice (sometimes with a shelter). At the "base camp" we each sit on a bucket with three holes near each bucket to fish with rods. We then set up the tip-ups. Preferably we space each tip-up 10 yards apart and create create either a v with the base camp forming the spot where the two lines meet or we put the base camp in the middle of a straight line with tip-ups on either side. This allows us to cover a lot of water on the lake. Ideally your setting up along a weed line or putting the tip-ups at different depths. Also use different baits like minnows on some and wax worms on others.
There is a disadvantage to setting up this way. Although you can move tip-ups or your base camp, it does take a long time to set up. Also last winter was brutal and I was drilling 17 or 18 holes through 2-3 feet of ice with a 5 inch hand auger. This year I am going propane.
One other piece of advice is to scout out the lake ahead of time. Mark weedlines or changes in depth with a handheld GPS.