Well your #1 is definitely possible, but kinda far fetched? But a scenario very similiar happened to me. I snapped off a fish in the 10 lb range on the hook set. The line shotgun snapped (loud pop) at the reel. The line then lay gently on top of the surface. But started going fast. I jumped head first in and grabbed the line but lost it thru my fingertips as the 10 lber swam away with it. I often think about this moment in time as proof of the trama that can come with bass fishing. To add to it, it was my only bait I had that was working.

Life is tragic sometimes :)

legitimate? Sure why not. lol

Another thing I've perfected is hand lining big fish in. For some reason I have issues with screwing my reel into the reel seat securely. Four different occasions I set the hook on a toad only to have my reel come yanking off the rod and no way to reel. Thinking fast, and screaming at my partner to help me (what would he do to help me?) I throw the rod down and grab the line and handline the fish in......Is this legitimate? It became routine the fourth time I did that. ALl of the fish were over 8 lbs.