Diver0001:The first one goes from your lungs into the bag so nothing happens with your buoyancy. Probably you'll become a little negative because not all the air will go in the bag so you will be able to partially inhale again and control your buoyancy with your lungs.
Two things I've found,
1) if you calculate your ATAs you can easily have the bag full at the surface from any depth. From 33 ft fill it half full, 66 = 1/3, 99 = 1/4, 130 = 1/5, etc.
2) Orally inflating, if you are neutral with a full breath and blow it into the bag you are still neutral. Dump some bc air before inhaling another and blow it into the bag. Repeat as needed. Slow and steady.
As for the reel, until you're shooting from depths in excess of spool quantity I would use the spool for the ease of it.