Most British divers would probably look on it as bad practice to 'hang' on the line. Its not unusual to see the reel or spool locked off sitting a foot below the diver and the line running up and down between his/her fingers.
I've never had a skipper (captain) complain they couldn't see the DSMB because its laying flat in the water.
Most skippers know exactly where you are on the dive (on the wreck), they see the DSMB hit the surface as you end the dive before you leave the site, they know which way the tide will take you, and you are with a group, who will be leaving the bottom probably within 15 minutes of each other. In the UK that means 6 pairs, (if diving from a hard boat rather than a RIB), 6 DSMB's all in the same area, a reasonable group to track, all going roughly the same way (there are notable exceptions!).
UK practice is generally to send the DSMB up before starting the ascent. Generally you go in slightly before slack, and leave after, dependent on the window. I must admit, 20 minutes of decompressing you are relieved to see the boat on surfacing. As a general rule if the decompression is expected to be more that 30 minutes, then I think you need to start looking at a trapeze, to keep the team together and make it easy for the boat to track you, but that's a different kettle of fish. Having done over an hour under an DSMB decompressing, I know your mind start playing tricks about if the boat will be there.
Gareth