We had a similar discussion on the OHMC website not too long ago. An Anonymous individual posted the following and I am copy and pasting it because I liked it.
A checklist of necessary tools to have ready begins with a big strong muskie net to hold the fish. Having a sufficient sized net allows it to be used as a holding pen to keep the fish in the water while removing the hooks and lure. Scooping the fish from the water and letting it flop around on the floor of the boat is a recipe for disaster causing unnecessary harm to the fish and potential injury to the anglers. Long needle-nose pliers to grab hooks, jaw spreaders to hold open their mouths when needed, a hook removal tool or hook-out, and small bolt cutters to cut hooks, split rings, or leaders are all needed to help free up the fish quickly. Cutting the hooks from the lure often is needed to make removal faster and easier while reducing the risk of injury to yourself and the fish. If hooks are cut, be sure to remove all the pieces whenever possible while trying to limit tissue damage. Lip grip tools are also useful in holding a fish in the water while you work on removing hooks providing they can swivel, those that do not swivel can tear up the fish's mouth if they thrash around while holding it. If you use a grip tool be sure to use the lanyard that comes with it so you don't loose the unit and possibly the fish at the same time. It's a good idea to have a long ruler available to measure the fish.
Heavy tackle is a must to facilitate landing a fish as soon as possible in order to reducing stress on them. Heavy line, steel or heavy fluorocarbon leaders, and strong snaps and swivels will reduce the possibility of losing a fish before you're able to land it and retrieve the lure.Keeping the fight as short as possible and keeping the fish in the water are the two most important things you can do to ensure a successful release. Fighting big fish like these on light line wears the fish out and it stands a lower chance of survival than if you use heavier equipment suited to handle the job.
It's best not to pull the fish from the water until the angler is prepared to deal with getting it back in. Wetting the hands before handling them reduces the risk of removing any of the slime, which is a protective coating that reduces the risk of infection, or using gloves made for fish handling is another option. Small fish can be grabbed by the head holding the gill plates shut from above, but to hold a big fish you need to use the lip-lock grip; slide the fingers under the gill flap, being careful not to touch the red gill rakes, and bring them as far forward as possible, your thumb should move forward along the outside of the jaw, then squeeze the thumb and fingers pinching the thin layer of skin firmly between the lower and upper parts of the lower jaw. Practice this hold on smaller fish like a pickerel before trying it on a big fish like the muskie. Once in your grasp, the proper way to hold a muskie is horizontally using the other free hand to support the stomach, do not hold a muskie hanging vertically with one hand, additional support to the mid section is needed to avoid internal organ damage.
Although some anglers like to weigh their catches of some species, try to resist the temptation with muskie. Weighing a fish usually requires hanging it vertically from its jaw and is not recommended, besides most everyone talks about muskie in inches not pounds. As an alternative to actually weighing the fish you can find out the weight by getting its length and girth measurement (the cross-section length or circumference around the fattest part of the fish's body) with a tailor's tape. Ideally the only time a muskie should be pulled from the water is to hold it up and take a picture, so have your camera nearby and ready. If you fish alone, like I often do, a camera with a timer or remote can be used to get the shot. Take a few practice shots ahead of time while pretending to hold a fish so you know the important pictures will come out the way you had hoped.
A successful release requires patience, particularly if the fish was caught on light tackle or as an incidental catch while fishing for other species resulting in a long battle. Help the fish to regain its strength before letting it free by holding it in the water by the tail with one hand and under the mid section with the other until it swims off under its own power. If they remain on the surface following them with the boat may be necessary until they submerge in order to prevent another boat from running it over while recovering. A slight side-to-side motion with the tail can help the process along but forward and backward thrusting of the fish is not recommended. Carefully releasing them is the only sure way to ensure trophy fish in the future. Please do not transport any muskie anywhere, the fish most likely will not survive the trip and no bait shop or other business on the lake is equipped to handle these large fish. Remember a fish doesn't need to be kept to have a mount made, fiberglass reproductions are the way to go and can be made with pictures and dimension information. Be prepared, keep your tools handy along with your camera, practice catch and release or CPR (Catch-Photo-Release) and help grow this fantastic fishery.
Also there were some Quick Tips posted by another annomyous person.
If you plan on releasing a fish with temperatures where they are now there is ALMOST NO REASON TO BRING THE FISH IN THE BOAT.
I can't say this enough and I know I'm preaching to the choir for many on the board but be sure to:
1) Have all your gear ready to deal with the fish before even hooking one.
2) Do what you can to keep the fight short.
3) If the fish is in the 30-40" range do you need a picture? If the fish is not one of your biggest do you really need a picture?
4) GET A HOOK-PROOF TREATED NET IF YOU DON'T HAVE ONE!!
5) Unless the measurement is crucial, think about a water measurement.
6) Keep the fish in the net, in the water.
7) Use gear that protects both you and the fish.
8) If the measurement or scale sample is taking too long, release the fish.
9) Whatever else you can add that keeps the fish swimming.
REMEMBER, THE LIFE OF THE DINK YOU SAVE TODAY COULD BE THE BEAST YOU CATCH IN THE FUTURE.
As far as drag...some folks like to really tighten down their drag, others prefer to keep it loose enough that it barely keeps from slipping while trolling. Before running a tight drag, I would recommend that you examine your entire setup from base of pole to tip of barb. Muskies will find the weak link.
Good Luck, I hope you catch a big one.