If you can fit both lines and the the tail in the channel, you are good to go with a larger diameter lines.

However, it is too compact for the lines you mentioned. 

I found this fishing accessory tool extremely useful working with very thin and delicate fishing line (Example 2 lb. Test Tipit) and found it so efficient, the tool hangs from its lanyard around my neck, on all of my fly fishing adventures. 

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