Its been awhile since I've owned a bait caster, and now I've decided to switch back again.  I recently received a brand new Curado 200I from bassproshops and upon taking it out of the package, I noticed the spool would engage/turn when I turned the handle.  After loosening the spool tension a bit and tightening the drag, it appears to work fine?  Is this normal/common?

Yes. If the drag is backed all the way off it can slip  instead of spinning the spool.