The first fly should be something that grabs attention! We like to use apricot eggs; 16 inches off the bend of the egg hook try a size 16-18 bead head hares ear, or b.h. pheasant tail nymph. Chironomids are the main hatch happening, so Zebra midges and large black beauties will also fool fish. Your BB sized split shot should be 16-18 inches above your egg.
Fishing with an indicator rig such as this, I prefer to let it sit after making my cast. If you're in the vicinity of fish you won't have to wait long before you get bit. If you don't catch a fish after the first couple of minutes try slightly adjusting your depth. If that doesn't work change locations. You will know right away if you're set up correctly and in the right spot. Anyone fishing this way can catch fish until the sun goes down. We recently spent a few hours at Pikeview fishing for trout and had a great time with consistent action, so if you're sitting at home with nothing better to do than watch ESPN, get off that duff and go educate some local trout!