Basic rule for drag settings should be like this, Attach a scale to the end of your line, lift the rod up and set the drag to 1/3 the breaking strenght of your line for example 12lb. test, scale should read 4lbs. and then the drag give's way. Drag setting is very important so you don't pull the hook out of the fish. Anyone want to add any information to this. Just trying to make you land more fish. Also once the drag is set correctly Don't Don't i mean Don't touch it. How many times do you hear darn my drag wasn't set correctly.
I feel most people have their drags to tight while they are casting for big fish. Your rule of thumb is very accurate for most fish. When I set the hook on a Muskie I use my thumb as I always have my drag real loose as I want instant give when one of the big girl's hits next to the boat. Crossing the eyes of a Bass etc is fine but it really is the wrong thing to do with a Muskie. I know I stand almost alone on this but I feel that if you yank too hard on a Muskie something is going to give and it won't be the fish. Bob