I am somewhat bemused by all the back and forth on this topic, and I apologize in advance if my reply comes across as haughty or condescending.
The advantages of lighthead on the left hand seem clear to me:
1. Allows for easy illumination of gauges on right wrist
2. No chance of accidentally blinding OOG buddy during gas share
3. Light can still be used for signaling while donating gas
4. Preferred location for scootering
These comments about hand placement and which way the lighthead is pointing during a gas share are mostly irrelevant IMO, as the primary concern during a gas share is to get gas to the OOG diver.
As the donating diver, I don't want to have to worry about which way my palm is facing or my lighthead is pointing. My goal is to get a working reg into my buddy's mouth as quickly as possible, and in a way that does not increased his already heightened level of stress. If the lighthead is on my left hand, then hand positioning is never going to be a concern, and I can devote 100% of my attention to the most important thing at that moment (helping my buddy).
For routine tasks like checking my gas or adjusting buoyancy, I simply switch the lighthead to my right hand, perform the task, and then switch it back. This transfer seems very natural and smooth to me, and I don't ever have to interrupt my forward progress to do it.
With all due respect to H2Andy, I have done numerous swim dives in the Eye and Ear, and I don't ever remember having problems with my light cord catching on things. I don't know that I could consciously describe what I might be doing differently, but it has never been an issue for me, as far as I can recall.
The SPG on the hip is probably a little harder to justify to a diver who does not carry stages, but once you start doing that, it becomes obvious why the SPG needs to be there. Even without stages, it is much more streamlined if it is hip-clipped - running it to the chest D-ring puts a loop in the hose, which increases the risk of entanglement and puts unnecessary stress on the mechanical connections.
Again, I apologize if this posting comes across as "holier than thou". It's just that I agree 100% with aquaoren's comment about "you shouldn't try to replace skills with a new equipment configuration". Like a lot of folks, it took me a little time to get used to hip-clipping the SPG and wearing the lighthead on the left hand, but now it seems very natural to do it that way. And as I have advanced in my diving, I find that it's really paid off to have that muscle memory already in place as I add new components.