The baits will vary depending on the species you are targeting!
For lakers, I tote two rods, one will have a rippin rap or lipless crank bait on it which I use to attract and mark fish. If they chase and don’t commit, Ill immediately grab my other rod with a smaller spoon type bait and drop it down, a lot of the time those fish are still lingering around and when they see that smaller bait flutter on the drop, they’ll smash it, but if they chase and don’t commit again, Ill tip it with a minnow head and that seems to entice the fish that just need a little bit of convincing!
For Bows, I use smaller baits and I’ve found that rainbows are a lot more tricky then lakers.. If they are shallow in the column and moving only a few feet under the ice, I use a fly with a bead shot weight a foot above it and tip the fly with a waxy or wiggler. If the fish are deeper in the water column I’ll use a small spoon and go through a few colors til I find what they are pouncing on! It takes a little time with Bows but once you find the right combo, it’s lights out!
Good luck to you and your buddy this season, I’m sure you’ll do great!