I've recently discovered that for live bait, using the larger hooks results in fewer swallowed hooks. Now makes common sense to me. You might get fewer bites with larger hooks, but I hate it when a fish swallows the hook and starts bleeding. A bleeding released fish is almost always a soon to be dead fish weather you see it dead or not.
Bill, I've heard that bleeding fish will usually stop bleeding when released back in the water. Their blood does not clot effectively in air.
That said, obviously we sometimes release fish that don't make it & end up floating. Not sure what the criteria should be for releasable.