The challenge of actually hooking old' rubberlips is my favorite part, also. It's totally visual, and twice as nerve-wrecking as it is fun. I don't lose many carp once I've got a hook in them, but I usually let them wear themselves out on a lighter drag setting. I've never had a problem releasing a carp, they've always swam off fine, even after a long fight.
The light drag setting has cost me, though. I was in my kayak on priest looking for white bass and found some big carp feeding in a flat. First cast put me on a big, big carp. He smoked my 5 wt reel and before I could get in chase-mode, I was out of backing and pop went the tippet.
Chris
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