The spray foam helped quite a bit. I placed an empty cardboard toilet paper tube down the middle and foamed around it. When the foam dried, I tore out the tube and cleaned up the hole with a boxcutter. Worked better than expected and made a nice clean hole.
The original IFP is pretty much worthless without some sort of insulation when it’s below 20 degrees or so, unless you want to constantly be fiddling with it. You can also set an IFP on top of the foam tip-up hole covers. Works about the same as an IFT with spray foam insulation.
The main flaw in the IFP is that the line contacts the water in an unprotected open area that’s prone to freezing, no matter the foam/insulation configuration. There’s no substitute for a quality tip-up, like a Beaver Dam, when it’s cold as He** out. I only use the IFP on those really warm days. 90% of the time, my second line is a Beaver Dam with a hole cover. I’ll bring the IFP out from time to time as a gimmick. It’s a blast on those rare times it’s warm enough to be effective.