Apparently there are a fair number of anglers who simply loosen their drag up to replicate a "Live-Liner" type reel.
When they get a bite, they tighten up the drag and set the hook.
It is true that if you do this style, the Slammer III drag may not get loose enough for you.
I do that quite a bit actually. 2lbs matters very little to large flathead and large channel catfish.
I suppose if you do not have your rod secured (like on fishing piers) 2lbs of drag can cost you your rod and reel.