I believe that a pony bottle/bail out should be slung.
If the system is leaking it'll leak right in front of your eyes. If you free flow you can easily feather the valve on and off. If you need to ditch your main rig due to an entanglement you have something to breathe on the way up.
If you vacation dive somewhere deeper, (most Caribbean dives are in the 80' range or so) you'll have redundancy. You can pass the bottle off to an out of air diver.
I use a 30cf slung. It's easy to get used to. Doesn't get in your way like it would seem to on shore. I can stow the reg on the bottle itself (in bands) or around my neck giving you even more options. I charge the reg and then turn the valve off. It's right in front of me during the entire dive (with a 6" spg hose) and it takes 3 seconds to turn it back on.
On your back, it may leak before you check your spg. If you have no spg or just a bottle mounted miniature spg, you may not know until you bail out to...nothing.
If you get entangled,it may be harder or impossible to release, the tank mounted pony bracket it may be harder or impossible to reach the valve.
Those potential issues made me choose to sling a 30cf. I actually wish I'd heeded others advice and gone with a 40cf.
If you choose to solo dive all of the above become much more important points. I sometimes solo which has influenced my choice in slinging. As we all know, our buddies are not always where they should be. Having a larger pony give you a much greater/safer comfort zone in choosing to swim to an errant buddy for help or calling the dive than a smaller one which allows only surfacing alone.
People talk big about CESAs but I'd rather take a more relaxed and safer path if it's available. I'm not a "spring chicken".
Could I do one? Sure! Would I rather have enough air to not have to? Sure!
On a boat dive, my DIN "wheel" connector hit the ladder (I guess...) during my giant stride. It loosened just enough to
leak. I saw that immediately upon submersion and fixed it right then. If it had been on my back, it would have taken much longer, I would have lost more air and I would have considered calling the dive or at the very least had to decide whether or not to call my dive without my intended redundancy. Because it was slung, no problema.
Did I have a buddy? Yes but it was an "insta buddy" with unknown proclivities, on a vacation dive.
Just some more points for you to consider when making your choice. Hope it helps.