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I was wondering, can I bleed it by cutting the tail off while on the stringer in the water?
Sure, but I wouldnt do it for very long. Water is pretty warm right now, about 75º here. Your fish would go bad quick being dead in 75º water.
I read in In-Fishermen mag once that once a fish dies, if it is not put on ice it starts to build bacteria (rot) in less than 5 minutes. Of course it would take a long time to get to the point where it spoils your fish, but you get the point.
Maybe a half hour or so would be all I would trust a dead fish in 75º water or air. So I wouldnt suggest bleeding them until you are starting to pack up your gear to leave. Only takes a few minutes for them to bleed out.