If you reduce a fish to possession (livewell it), it must count against your daily bag, even if you later release it. For instance, say you go out and livewell 5 bass and later weigh and release them. Once you put that 5th fish in the well, you’re done bass fishing for the rest of the day. You would not be able to livewell 5 in the morning, release them, and then livewell 5 in the afternoon, even if every fish was subsequently released.
The key passages are below. These are found on page 7 of the 2006/7 regulations:
It is illegal to sort fish. Any fish you take into possession which you do not release immediately is part of your daily bag limit even if it is released later .
It is illegal to to take, catch, kill, or fish for any variety of fish in excess of the daily bag limit.