That's what I do with mine...it colapses down (4 sections) and I string the line through all the eyes, then tie it back on the reel. I have a rubber band around the rod to hold the line taut & prevent snags. Then I put it in my water bottle holder on the side of my pack, and slide it under the compression straps. Do the same thing with the tripod on the other side of the pack.
I never pretended to be a gram weenie.