Absolutely – I’ve done the same thing in the past. I used to have this one reel that perfectly balanced a short 2wt rod I had, but had a very small capacity. This probably would be best saved for smaller line weights, since you rarely cast more than 25-30 feet anyway, so you do not have to worry about getting into the backing on a cast. The only real problem with doing this is having enough room to spread the line out so you make sure you get an even cut. The best place to do it is outside and try to get someone to help you. The first time I did this I ended up with a big tangled mess on the floor that took about 3 hours to unknot…..not fun. Just make sure you put enough backing on to fill the spool and prevent line coil.