That is one of the EXACT scenarios that scares me into wearing a pony bottle. Lobster diving... you see the bugs under the ledge...You are getting toward the end of your dive and you are down to 1000 psi.
First thing you do is dump air from the BC so you can settle quitely on the sand without moving or kicking up sediment and work the bugs as gently as possible, with half your body under the narrowing ledge. Then you begin to try to tickle the lobster out... You screw up and at the last minute the bug bails to the back of the hole. Using your cat-like (nitrox enhanced) reflexes, you make a might lunge for the bug as it shoots back. You accidentally smash the first stage into the roof of the cave shearing a LP hose off at the base.
You catch the bug and wiggle your way out in zero visibility and try to determine why you cant breath from your reg. You hear a roaring sound, switch to the octopus and get one breath before your tank is totally empty (remember you only started with 1000 (or less psi) and you are laying on the bottom 80 or 100 feet down with a bag of lobsters clipped to the BC, an empty BC and 12 lbs negative and nothing to breath and no way to inflate the BC..
If you are solo, like many lobster divers, the situation is probably only survivable if you immediately dump the bag of bugs, dump your lead and shoot for the surface. Unless, you have a pony bottle.
With the pony bottle, you turn the main tank off, orally inflate the BC and say a prayer as you gently float toward the surface.