I think the best use for a centrepin on lakes is margin fishing for carp. I used to do this at a commercial carp fishery near me (when it was still day ticket, its now club controlled) and the pin made for some fun fishing and great close control when fighting carp. You do need one with a click check for that type of thing though to stop overruns. The model I've used for that is a Leeds Classic. If legering in the margins you can also effectively use it like a baitrunner, waiting for the click check to scream into life

If fishing at any more than a rod length out though you may as well use a fixed spool reel as I can't really see any advantage in using a 'pin, especially if you can't wallis cast to get any sort of distance.