Sounds like your rod is setup for a baitcaster... I am a huge fan of mooching, that is the way I was taught to fish for Nooks. When I am mooching the MR2 all the way (the much cheaper Shimano or Daiwa is not bad at all for downrigging), but if I have people on my boat that can't handle a knucklebuster I use the tekota 300. Man I love that reel, so smooth!
I also use the Bantam 1000 plus, which is another one of my favs!