How much drag in neutral do you want? Since is not life support would a scarab work? Essentially a one barrel rack with ears? You could probably figure the right line diameter to run with minimum resistance and still be functional for your need.
Or a stitch plate?
There are many configurations of the totem plate, but most will twist the line
Maybe something out there in the canyonering world, they need control and sudden ‘free’ to avoid drowning
hownot2.com
Sounds like your looking for something like a figure 8, that essentially is in ‘free fall mode’ when hands off but functions with hands on?