No. If you have a DSMB, you're going to want a spool for it. Otherwise you're limited to using it at the surface. If you deploy it before surfacing, it gives more time for your dive boat to find you, and it also (maybe) keeps other boats from running over you as you surface.
Typical practice while drift diving in Florida is to send it up somewhere between 30' and your safety stop, depending upon what you feel like doing. Me, personally, I'd rather send it up earlier, so that I'm not risking screwing up and getting yanked up or drifting up while deploying at my safety stop. Personal choice.
There are many models available, I like this one: