Re: Too much backing line or Too much fly line?
Listen to wichaka. Rigging this way there is no doubt as to how much space you have between the reel and the line. Doing this there is no need to rob yourself of backing that you hopefully need one day on that fish of a lifetime and you should never have to worry much about the line self-destructing by rubbing on the reel cage. This rubbing also means additional drag... another good way to lose that dream fish.
The downsides are that the method wichaka suggests needs lots of room (best done out side) and you end up doing a whole lot of reeling to get everything back together.