Even better, buy a centerpin and never bother with drags again! Its all in the palm of your hand baby!

When fishing a levelwind I do what Dan. S does and set my drag loose and thumb the spool. This can get you in trouble though...last year I burned my thumb up pretty good on a Fraser Spring. If you have a high end reel like a calcutta or such, then it may be best to play the fish from the drag rather than your thumb as your thumb can be jerky and cracker off fish.