In short, the answer is no. Reels that toggle between manual and power-driven settings are still not permitted by the IGFA – even if the fish is caught completely on the manual setting.
For an easier way to check your baits without having to reel up a heavy weight, try a two-rod set-up, utilizing your electric reel as a downrigger. The line from the fishing rod is then attached to the downrigger (electric reel set-up) via a release clip. That way, in the event of a strike, or when the bait needs to be checked, the fishing line can be released from the weight. Check out this helpful how-to video on the IGFA’s website: www.youtube.com/watch?v=D7lv7XmI91M