For the leader-I go with berkley Flourocarbon leader material in 20-40lb-depending on how the bite is and keep it about 4 ft long (this is for pike) For line, plain old woodstock nylon line-20-30 lb is all I need.
For walleyes-6-8lb mono leader and 10-12 lb braided line….although I rarely use tip ups for waldo’s….
Saying this from personal experience… NEVER use a braid on tip ups!!! You will end your day in a hurry, and probably with a trip to the hospital. I made that mistake once, and the first hookset went through my glove and almost to the bone in my finger. Braid is fine for a leader material but don’t use it as your main line. I use dacron on all my tip-ups and have never had a problem with it, easy to unknot(most of the time) and its been used for years as a tip-up line.
Dacron is the way to go doesn’t cut your hands and hardly ever breaks and doesn’t need to be replaced every year. use whatever leader you need for whatever it is that you are fishing for but using anything but Dacron for a mainline is plain stupidity union knots and barrel swivels are easy and effective ways to ad mono leaders or flouro leaders theres no need for a light mainline it doesn’t do anything but cut your hands up and get into a tangled mess. best of luck