Reel Repair by Alan Tani

Ok.

Yeah, clearly in the squidder when you tighten it down it the spool shaft will press the inner race outwards on both bearings.

I'm not an engineer, and I don't know the hardness of the steel in the bearings, but to actually damage the bearings would likely take more force than your going to use as a cast control mechanism.  (I very likely am wrong).

What IS clear is that you will wear them much more rapidly and they will lose good function much much more quickly. 

Long story short, not the way to do cast control.  But I doubt very much you will do more damage than just wear the bearings faster. (again, I could be/am wrong)