Slipknot,
The problem that you are experiencing is due to the forces at the clip being in equilibrium that is to say; the 3 colors (60 ft.) of lead line in the water is creating a force on the clip that is equal to the force of the lead core that is attached to the fish pole. To increase the forces on the lead core in the water, the speed of the boat needs to be increased; this should help to pull on the lead core from the fishing pole. It is worth a try. Good luck.
Gus

That was kind of what I thought... I figured I needed to put more line in the water (for more "drag"), but I hadn't given thought to increasing speed. I wonder if I were to pick up speed just until the line made it all the way out and then resumed a slower speed, would the clip stay as is, or would it slide back up...? I'll have to give that a try.
Well, at least I now have a bunch of things to try to solve my problem... Thanks guys.