I'm not sure I would do this for weights, but definitely for hooks (especially the trebles which always get tangled).

http://www.youtube.com/watch?v=ue9MPEWH16M

So this brings me to my question...what other little tricks do you use to make for a smoother day on the water. I know some guys that wrap rod handles in the same wrap they use on tennis rackets to help with grip. Please share!