Gigmaster;
Pretty much from what I understand, the only way you will get in trouble with this regulation is if the game officer sees you leaving the area with the live fish. In other words, he comes by and checks license while you are fishing and sees you with you cooler full of live fish. Then waits down the road with his binocs for you to leave and 'makes an example of you.'
The reasoning behind it is to control the cross planting of fish. After they renovate a lake and then plant it with only bluegills and bass, they would prefer it stay that way for as long as possible. Then someone who thinks crappie are the best fish in the world goes to the next lake over and fills a bucket and brings it back to the 'clean' lake and dumps it. Viola, now you have crappie in there changing the planned balance. (Yes, the crappie would naturally get there eventually due to inflows and outflows, but not until the others are better established and can help control them though.) Anyway, since the balance is no longer there, it will be a much shorter time period before they have to renovate again.
Worst case of this. Back hwen I lived in Utah, they opened a new lake up by Heber. (Sorry, can't remember tha name off-hand.) Anyway, it was well on the way to becoming a trophy trout lake, when suddenly people started catching musky (I think it was.) Each year there were more and more large musky and fewer and fewer small trout. They could not even get newly planted trout to remain for long unless they planted rather large ones. (At a much greater cost to you and me.) Last I heard it was going downhill fast all because someone with a head full of monkey manure thought the lake would be better fiching with their favorite fish.
I personally support these regulations. If I am keeping fish, I bleed em and put em on ice. If I am not, back in the drink they go ASAP.
As long as it is legal, I truly could care less what you do though. Heck, my kids would love to have a temporary aquarium of fish while we were filling it up with dinner.
Don