| Rob,Not sure if this will make you feel better or worse.  Different reel, similar story, but happy ending.
 
 Years ago I was using a Penn 704 which I think had the capacity of 220 yards of 20 pound mono.  I had about 50 yards of backing and 170 yards of running line.  Had a take at the end of a very long cast with a needlefish plug.  With the aid of a heavy sweep this hookup took all my running line and well into my backing before I could turn it.  Everything held including the blood knot connecting running line to backing.   Some very anxious moments as I chased this hookup 100 yards or so.   15 minutes later I had the largest bass of my life lying in the cobble at my feet.  5 minutes later she was swimming again.
 Large bass can in fact spool (or almost spool) you in certain conditions as described.
 I feel for you.  Better luck next time.
 DZ
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