I have made numerous tip downs from wood using those same style reels, but have chosen to discard all the pins. Normally the metal nut on the reel can hold the reel from free spooling on pan fish even while setting the hook with a lifting action. Occasionally we have had pike, bass, and pickerel take minnows on these tip downs and if the reels were pinned, they would surely break off the light monofilament line that we use for panfish.
Have fun.