The two variables that affect my sets have already been mentioned; wind speed and bait size.
Wind is the easier to manage of two as long as it’s from a constant direction. I tend to position my tip-ups such that the wind is always pushing the flag against the t-post, rather than pushing it away and off of it.
From there, the bigger notch almost always gets the nod when using bigger bait. When using the biggest of the big, I also make sure that when the fish takes line, the notched t-post arm is spinning towards the base of the flag arm rather than towards the tip. This is the heaviest setting you can provide on a standard tip-up.
For smaller bait, the lightest of light possible is the ticket, as it seems from experience that walleyes which take these baits are more sensitive to dropping or just mouthing it.
Joel