"1/0" sounds way too small to me. For soft-plastics(I'm assuming that's what you were using?), for all but the smaller(less than 3") ones, I start out with a 4/0 Sugoi(GYCB's hook) which I use for 95% of those baits. For big Grubs, I'll step up to a 5 or 6/0 Sugoi.

As for messing with the drag while fighting a Bass, as others have said, don't do that. You should have adjusted it properly before the first cast. The only exception is when you get a bigger(5 lbs and up) close to the boat or shore; then a loosening of the drag may save a Bass if it make's a last second surge when it see's the boat and realizes it's hooked.

Dan

"Drill Here, Drill Now, Pay Less"

Deo Vindice