The best way I have found to do this on solo shallow water dives is to use the harness with a 30 cu/ft tank, no BCD, one second stage and a SPG both with short hoses. The difference between full and empty on the tank is only 2lbs so I split the difference and weight myself 1lb heavy at the start and end 1lb light eliminating the need for the BCD. The tank is only 4.75" wide and 1/4" away from my back so there is very little drag, the drag from the hoses is as low as I can get it and the only things that hang down a few inches are the SPG and a knife that are both clipped to my harness. I usually cradle the SPG in my left arm with my left hand holding the knife so even those are out of the way. I use a pouch weight belt with lead shot weights that have a little less drag and I can drop just some of the weight or all of it if needed.
I found the old steel 72's to be just about perfect. They're light weight out of the water, they end up neutral when just about empty, and they give me enough bottom time that I can get in a good 45 min to hour dive in the 40' depth average with a lot of cruising around and covering a lot of ground.
I have some old regs that work perfect too, like a very small basic unbalanced SP MK2 piston reg. You don't even really need an SPG with something unbalanced, the gradual draw down of air is signal enough that you're running low. If you keep track of your time and estimate how hard you've been working you can pretty much figure out when you're going to suck the tank dry. There's plenty of warning when you're running out, and besides anybody who pays attention should know to be about done with their dive anyway. You just look at your watch on your wrist and use that as a guide instead of your SPG. I'm just thinking if you wanted to completely eliminate the SPG and just have one single LP hose going to the reg you're using, that's it. That's about as stripped down as it gets, It's basically what early double hose diving was. The other option is find a J valve and use that. The feeling that you're right to the very max of purist minimalist diving and you're out there on the edge of the earth. The sensation is hard to describe of how liberating it is not to have to fiddle or deal with inflator hoses or stowing safe seconds, hoses, drysuits, more hoses, drag, wings, d-rings, lights, etc. or constantly look at an SPG, you just go. It's almost like you think your depths, there are no elevator devices or "breaking trim" or anything of the sort, just pure diving.
In terms of safety, it's very safe. Being that unencumbered and free means you're not bound by contrivances and all the stuff that can go wrong with added layers of gear that can potentially fail. The only thing you're really reliant on is one single SCUBA, and like I said, a super basic reg with one moving part that is kept in perfect condition, I think having a stroke or heart attack is likelier than the reg failing, and if you do your best to keep in shape and avoid poor health (which every diver should be doing anyway) it's safer probably than the drive to the dive site.
---------- Post added March 1st, 2015 at 02:16 PM ----------
I just looked back at the first post of this thread and the OP asks if there's an uptick in the use of BP/W.
By post #3, Lecter already mentions getting rid of the "W" part of the BP/W to eliminate drag for basic single tank dives.
Then by post #231 Dan posts a totally cool vid of a dude with no BC using a dolphin tail monofin and just gliding around like a sea lion or dolphin.
LOL, Looks like the poor Jacket never stood a chance in the this thread!