Yes, and Bilbo has it right, by letting the cable go slack, it just slides through the water with no choice to go along with the boat. If it is tight, the way the PO told you to, it has the properties of a guitar string (bass really) and the water rushing past it will play a low "groaning" tone as the cable vibrates at it's harmonic wavelength.
As far as locking the keel down with the clamping bolt; I probably remembered to lock it down a half dozen times in my 25 years of ownership. I forgot to slacken it off every time. I think the last time I did anything with it was 12 years ago to put some marine grease in the threads to keep it from leaking. I don't bother with it and to date, it has not bothered me either.
Personally, I find the prospect of taming a 550 lb steel keel and keeping it at a fixed position (should it ever capsize) with the use of a bolt of that size to be ludicrous. If I have neglected my skippering duties to the point where it is a concern, going down with the ship would be preferable to the scrutiny rightfully bestowed. The only things I race are waves and they usually win. As a sailor dedicated to cruising, conservative sailing is the only way to go and planning ahead is the rule of thumb.