I've done that a couple of times and it was alot easier un-hooking them than I thought it would be. I expected all kinds of thrashing and pooping but they remain relatively calm through the whole ordeal.
The first time I did it I was fishing a flat in the north channel with a Zara Spook. I had a smallie come up and follow it about the same time a gull spotted it. Unfortunately, the gull was faster and it got hooked. So yeah....it tried flying off with it so I just reeled it back in like it was a kite. When it got close to the boat it just kind of settled into the water and sat there. I grabbed the Spook with the pliers, popped the hook out and the gull was on it's way.
An old timer that was walleye fishing in the channel behind me witnessed the whole thing. As the gull flew off I heard the old man shout "Why did you let it go? Was it too small?"