I basically use what amounts to semi "long hose" across the chest and around the back of the neck hose routing to my Kirby Morgan FFM from a waist strap mounted gas switching block (mounted where a right side D-ring would be). In my experience, a 120 degree elbow (made by Scubapro) keeps the hose closer to the neck, improving the streamlining, and reduces the tendency for the mask to pull when looking hard left.
I really don't think a 360 degree swivel would improve on it significantly as the 120 degree angle (from inlet to outlet) is about optimum anyway. And I like not having to worry about a swivel deconstructing itself in the middle of a dive.
When diving a more normal configuration, I use the same type of elbow on my "normal" long hose setup where it again keeps the hose in much tighter to the neck. In my opinion the 120 degree elbow also makes the angles a little better when sharing gas and effectively makes the hose slightly longer as not as much lenght is lost in the hose making the bend toward it's owner.
In my opinion, those benefits are worth the additional risk of adding one extra low pressure o-ring to the system, while the added complexity of a 360 degree swivel is not.