I came across this in a video recently, knots because ropes with equally space knots released into the water were used for gauging speed and fathoms had something to do with the length of a man's outstretched arms (~6ft)? Something like that.
Yes, if you are using a sounding line and lead you can quickly measure the depth by hauling in the line between outstretched arms to get a quick and usable depth measurement.
A 'proper' sounding line is marked along it's length with distinctive marks so you can read off the fathoms without going through the whole outstretched arms rigmarole.
The lead weighs about seven pounds. One fathom does not need a mark, two fathoms gets two strips of leather, three strips for three fathoms, no mark at four, white cotton at five and red wool at seven, then a piece of leather with a hole in it for ten fathoms or sixty feet total for a 'shallow water lead line'
The sections with no mark are called 'deeps' and are that way because long experience has proven them unnecessary for actual use.
The end of the lead is concave and can be packed with tallow to bring up a sample of the bottom to help with location as Admiralty Charts tell you what the bottom is made of.
When I joined the Navy in 1980 the Manual Of Seamanship Volume Two still had a section on the proper use of the sounding line and lead.
The picture is slightly misleading as the marks are woven through the line so they can't move, not tied or wrapped round it.
A ship used to estimate it's speed through the water using a Log Line, that had distance marked off with knots, hence the name for a boats speed through the water.
It was paid out astern for a fixed length of time to get the number of knots.
