I would really like to have a flasher in my arsenal, too. A flasher would make locating the fish much easier, as well as fishing for suspended fish. However, a camera can be just as useful, if not more useful than a flasher. A camera lets you see how the fish react to a certain bait, or presentation... allowing you to make quick adjustments that you'd normally never make. It also let's you catch fish that you'd normally not even feel a bite from. When you run a camera, it's amazing how many fish can suck that jig in without even causing the slightest twitch in your line or bobber.
That's the exact same thing I was thinking! Until I started running a camera, I always just assumed the fish scattered when you caught one. Now, I really think they're too stupid to know what's going on. In fact, I think the commotion attracts more fish in to your spot.
Depth is easy... I just wrapped the camera cable with a white piece of tape at one-foot intervals, and labeled each five-foot interval. Drop the camera down the hole, count the tape as you go.
"Looking around" with the camera is where things can get tricky. Certainly, you can just twist the cable with your fingers until you find your lure, then rest the camera on the bottom so it doesn't move. I know several guys that operate like that. But when the fish are suspended, these guys have no way of keeping their camera position consistent. A product that you can buy, called the Camera Compass, will resolve this issue. It sits over top of the hole, holds your cable, and allows you to spin it on the ice to pan your camera view. Here's an example... http://redrockstore.com/Catalog/index.php?crn=74&rn=1797&action=show_detail
Well I'm a cheap bastard when it comes to piddly stuff like this, so I decided I was going to redneck-engineer my own camera compass... all I needed was a frisbee and a cheap plastic clamp.
Drop camera down hole, slip cable through slot of frisbee, clamp cable to frisbee once desired depth is reached... and wahlahh, redneck camera compass in action.
So to break it all down, here's how I will set up to fish. First, I always start at the bottom to see what's going on down there, simply because it's the easiest way to set the camera. I'll fish one rod on the bottom, in front of the camera, and fish my other rod at various depths up off the bottom. Without a vexilar, this is my only way to locate suspended fish. If I get on a good bite up high, I figure out how high off the bottom I am and raise my camera up to that depth. Now finding your jig on the bottom with the camera is easy... bang it off the bottom, stir up some mud, and bingo there it is. But locating your jig anywhere up off the bottom can be virtually impossible. To remedy this, I made up a long piece of rope with a weight attached to the end... all coiled up on a piece of pvc. I drop the weight down my fishing hole and let the rope uncoil as far as necessary. Since the depth on my camera is already set, I just spin the frisbee on the ice until I see the rope. Then pull the rope out, drop the bait down the hole, and close your bail when it gets in front of the camera. I know it probably sounds complicated, but it's really not at all. I can have my camera set to whatever depth I want to fish within minutes, with very little extra gear required.
A salesman from work used to go there every year and did very well. I never took him up on going and have kinda lost contact with him. They had a pretty good deal going where they rented a cottage right on the water and rented huts out there. The price was pretty reasonable.