Exactly what I did with an old hand me down. Even taped over the reel seat at the butt end of the handle, so it wouldn't scratch/scrape me or hang in anything when using it. Worked fine for years, and I'd probably still be using it if I hadn't been asked to field test the Duckworth/BnM 8' FnF rod.
The "hand me down" was my Grandpa's, and it had a automatic fly reel on it. He used to use it, fly line & all, to fish for Crappie. He just put a leader on & hook/sinker on the leader and a minner on the hook ... and laid it down on the seat of the old wooden row boats we used to rent from the marina at the local lake we always fished. He'd wait until the Crappie had pulled the end of the fly rod well down into the water, then hit the lever on the reel as he was lifting the rod ... and probably caught as many or more on that fly rod than my Grandma and I did on the 4 spincast outfits we had between the two of us.
... cp