Re:Hand held GPS
Don't really have much help for you on the GPS, but I'd think the auger would be more useful. Usually ice fishing you can use visual reference points to get close to where you want to be. Just curious as to why they would go GPS first...
That being said, I would maybe consider something like the Lowrance® Elite 5 ICE Machine that would give you both sonar and gps.
Curiosity killed the cat, but for awhile I was a suspect.