Madmole,
You are were thinking about "jersey Uplines", personally I use a reel and a bag but the uplines do have a use.. They are popular on the deep offshore wrecks.. shooting a bag from >70m in a ripping current is a crapshoot(and now you need to carry an explorer type reel with heavy line, my largest reel with heavy line just makes about 100m, not much of a margin).. All the boats up here anchor into the site so a blue water hang is not an option.. With the jersey upline just tie into the wreck and begin an ascent, when you get to the surface cut the line... Its generally sisal so its biodegradable ..., I have also seen people shoot a bag on their last deco stop while still hanging onto the upline.. This gives the boatr a chance to get a line out to you so you don't have to fight a ripping current in full gear, its muc easier for someone in just mask and fins...