To answer the question about keeping 50 fish: your right to deplete a resource ends where another angler's right to enjoy that same resource begins.
We are not in the midst of an economic depression. My grandfather grew up in the Great Depression and told me stories about it. I would wager a good amount of money that you have a job, and make enough money to support your family if you were never allowed to fish again. I would also wager that you probably don't make your own hooks, and there's a reasonable chance you don't raise your own bait; there's a very high probability that you don't make the fuel you have to put in your outboard and your truck to get to the fish. You probably don't make your own fishing line.
I'll go out on a limb and venture that the minimum you typically spend on a trip to get your 50 bluegill is $15. For that same amount of money you could get more food at a grocery store if you shopped as a person on the brink of starvation should rightly shop. But you probably spend more than $15 - you probably buy yourself a snack and a drink, maybe a sausage biscuit for breakfast. Because it's not really about providing for your family - if it were you would take that money you spend to Costco and get the most sustenance for your pennies.
You could fish for bass with live bait and keep your daily Alabama limit of ten and have more food for your family than you would with fifty bluegill.
As to what I do when I gut-hook a bluegill, it doesn't happen often because even when I use live bait it's on a jighead, for the same reason other posters have already noted, i.e. it greatly lessens the incidence of gut-hooking. When a gut-hook happens, I cut the line. Studies have been done by fisheries biologists that found this results in drastically-higher survival rates than trying to fish out the hook with forceps/disgorger/etc. The Florida Wildlife Commission even recommends this approach on their website. When I used to try to fish out a deeply-lodged hook it was a regular thing for the bluegill to float up on its side within minutes of being released; it has happened once, ever, that I cut the line and the fish surfaced shortly after, and that fish had been yanked via a client's heavy braided line out of a tree it was snagged in.