The DIR folks' argument for a long hose even for OW is IMHO very convincing. OOA sharing over a longer hose means much smaller chance of pulling the regulator out of the OOA diver's mouth while ascending. A panicking OOA diver is also likely to pull on a buddy's primary regulator, in which case, a bungeed octopus beats a normal octopus any day, although the bungeed octopus would only make sense with a long hose config.
Mr Chow were you on double tanks when your BC ruptured and dropped like a stone? For recreational OW diving with a single tank, one is supposed to be able to fin up to the surface then drop weight to stay afloat.
There was a thread on Scubaboard not long ago about bungees on the bladder creating excessive drag. But yeah, in a wreck with dangling cables and wires, excessive drag is the least of your problems.