I do the vertical thing, but first I make sure my drag is a little tight (In case I do drop it, I can pull it up by the line).
I have taken the rod in half (mostly 4 piece rods so, I take them apart in the middle so two sections to work with). Only problem with that is trying to line the two pieces up after you get them both strung, specially on choppy waters or after a few Margarita's