I dont think that it matters for some things like Flipping, but on my drop shot rod I have 4lb test and having a reel with 50lb pound max drag wouldnt mean anything if it was not smooth.
If the drag is not smooth it would be jerky letting out line and with lighter lines that I like to use would cause a lot of problems.
I agree with you about the wives tale too, I dont mean to call out Revos but they do it the best. Having a reel with 24lb drag is good, but in reality most guys probably only use around 6-10lbs of drag when regularly bass fishing.