I've done it, spinning and conventional. Be sure to remove any screwcaps and fill in holes with paper (just in case). I mix the batch, let it sit awhile and then marble. I keep turning the reel by hand to prevent sag affect. The reels I've done have never been able to fit on a rod dryer

For spinning it takes me twice as long because I have to hold the reel and apply, later when dry I hold by another part and marble the misssing.
Do be sure that you don't get too much to prevent secure locking.