Pretty cool, but on windy days especially the only reliable tip ups have submerged spools to keep the line from freezing
The late season, warmer days your rod holding tip up could be great
Wind tip ups jig the lure/bait when the wind blows. They are often the best for walleye, trout, and bass. Those are cool designs to tinker with, and would work better with a rod like your setup (if you can overcome the freezing issue)