Fish fighting skill, it's the Catch-22 of fly fishing. There are lots of mistakes you can make fighting fish, and I'm somewhat ashamed to admit that I've probably made them all...more than once.
First off we should think about drag. I set mine at 1/2 the break strength of weakest part of the system, the tippet. This goes back to the days when I used to tuna fish, and it's a good rule of thumb. We'd use a drag scale to ensure we were getting every possible bit of drag, without putting us in danger of breakage. Of course, with hundreds of yards of line out, you do need to be aware that there is a doubling affect on the drag due to the friction of the line through the water, and also through bellies created as the fish moves in a different direction of the boat, but for stripers on the fly, this isn't an issue. Lefty Kreh recommends that you use your lips to set the drag. If you can pull line off the reel with your lips, it's set about right.
Schoolies make for great fun and practice. They also can create bad habits for fighting bigger fish. The cardinal rule in my book is that you should never, ever touch the drag while engaged in a fight. You have to assume you set it right, and to be patient. Big fish can take a long time to land. The only time to increase the drag is when you are reaching the bottom of the spool and in serious danger of getting spooled.
The thing to remember is that you are trying to turn the head of the fish. To really put the metal to the fish, apply side pressure, not vertical pressure. If the fish goes one way, you apply pressure in the opposite direction.
If you're in a boat, the guy at the helm should always be concious of where the fish is, where the boat is and should be ready to navigate around lobster pots, etc. in a manner that will keep the line clear. Same goes for rocks, etc.
On shore, be it a beach or a river bank, many anglers will try to remain in the same spot. The fish is going take off down the beach, down stream, etc., you should follow him, if practical. Steelhead fishing one time, my buddy Gerhard had to chase his fish through 3 pools and under a bridge, but he did land him.
So why is it so important to think about these things now? Well, you may want to take a look at the photos from the New York and New Jersey Fishwire this week; those fish are headed north and I expect we're all going to be getting some shots at some big stripers really soon.