Nick
Firstly, tapered leaders were developed to make fly presentation as subtle and as delicate as possible. To answer the second part of your question, no is does not increase the chance of breakoffs provided the knots are secure. The rod action, particularly slower rods (absorb shock better) will protect knots fairly well. With regards to drag, maybe some micro drag, but this can be countered by certain on stream mending techniques and slack line casts. Drag will become less of an issue as leader length increases. Hope this helps.
Just to ad, super post Grant! Thanks for taking the time out to write this comprehensive post. I'm certain it'll help tons of forumers.
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