Good points Dogfish.
The fish won't go to waste when you release it.If you keep it and get caught,I don't think you'll get any sympathy from a fish cop.If it was legal to keep incidentally snagged,mortally wounded,fish the intentional snaggers would all claim a legal right to keep their ill gotten fish.
I understand the desire to not waste the fish,but releasing it to die is the least worst option here.