Mooching with braided line is actually pretty lethal. You can damn near feel the bait spinning, bouncing off jellyfish, and the second a fish looks sideways at your bait it's telegraphed right up the rod. The drawbacks are that it wraps around the rod tip easily, you've got to slow down or totally get rid of your hook set, and it's a bee-yotch to untangle from other lines or the kicker motor. If you hook a fish that cuts across your buddies mono line you can kiss their riggin's good by, which might actually be considered an advantage.
Regarding the hook set when mooching I've found the best way to set the hook is to just reel, reel, reel...reel some more...and then set the hook once the fish is on...just to set the hook. We've done this on literally thousands of salmon and it works. This is why women always catch more fish mooching. Because they don't do anything to screw it up!
I wouldn't hesitate to fish braid on my mooching rod in Puget Sound. Lighter lead, better feel, and you can fish the same line for years. As a charter captain I can't do it though because of the tangle factor. That's my .02