Hi Si
I have the Saltish LW40HA that I use exclusively for spinning. Yes, you will loose distance but having the level wind allows you time to watch your lure and not have to watch your spool as you are winding in.
Be aware that there are 2 LW reels in the saltist range, HA and A, the HA has a higher gear ratio and I find is better suited to high speed spinning.
When bait fishing I will use my standard overhead reels.