Although it has been literally decades since I monkeyed around with this, I have a pair of older Far & Fines (7'9", 5 wgt.) that I used to routinely underline with a DT4F later in the season when the water got skinny. The rods are both from the period between 1978 and 1982, so they're first generation (or maybe first and a half generation) graphite and pretty slow. They cast the 4 wgt. line as well as I needed them to. Distance is probably slightly reduced and delicacy maybe slightly enhanced.
I will say though that in retrospect, I'm not sure I accomplished anything by doing this other than demonstrating I could get away with under lining the rods. That is to say, in terms of actual fishing, I don't think doing this presented any advantages of real value. I didn't catch any more or less fish.
But sure it can be done and sure, it works..