Patrick---it isn't a "bad" method. It's just extra work. I just don't understand why you don't get a 300 yard spool of Fireline to begin with, since it would seem that you're only using the 150 yard spools. There isn't that much difference in price. But, whatever floats your boat. Most reels will hold 250-300 yards of a given test mono---pick a diameter of Fireline that's about the same, spool on just enough mono to give the Fireline something to dig into and grip, and load it up with Fireline. If it's a little underfilled, no sweat. It's better to be a little underfilled anyway with a braid or Fireline. If you have a little left over---again, no sweat. Put it aside and use your drill and empty spool system to "bottom off" the braid after you lose some, or get some fraying that makes you cut back.
Cabelas and Bass Pro often have end of the season sales where you can get bulk spools of braid at a third or more off their regular price. I know you're not rolling in bucks, but spending $99 to get a 2000 yard spool of 50# Whiplash at one of these sales will save you in the long run. I bought a 2000 yard bulk spool of 65# Whip for $109 in April. Then, you don't have to worry about getting the right amount of backing, and you also don't have to worry about how well you tied your Albright if a big fish runs you past the braid and into the mono.
One other comment from the WMI thread you referred to---the mono that's close to the spool's arbor will have tight memory coils in it if you "reverse" it and run it on top of the braid. Maybe they'll relax and loosen over time, but you might have some problems with them until they stretch out.
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