Dr. Mike,
I see you are a medical moderator, so I thought maybe I'd chime in here. I really don't think this was an emergency situation. BCs were developed over the years (and I had a bit to do with that too) to "compensate" for loss of "buoyancy," hence the name. They are not intended as life saving equipment. Indeed, one of my problems with most current BCs is that they will not float an unconscious diver face-up, which is why I developed the Para-Sea BC concept (which never sold). In this case, dumpsterDiver was maybe 16 pounds overweight at 80 feet. But it was still dumpable (release the weight belt), he had air, had his thermal protection (wet suit intact), so there really was no emergency in spite of the equipment failure. With the type of tank he was wearing, he probably had some significant weight from that tank and even dropping the weight belt would not have caused a buoyant ascent. He probably would have been close to neutral with the weight belt dropped. I did some experiments in the 1970s in fresh water, and went down with my 16 pound weight belt, took it off and hung it on the anchor line at about 30 feet, and swam around neutrally buoyant with a single 72 steel tank (which is neutally buoyant too). It was a great experience. In salt water I would have been maybe 4 pounds buoyant, but that's with a neutrally buoyant tank.
I would have probably done exactly what he did in this situation, decided to complete the dive and then come up with a swimming ascent. The initial kicking would have sturred the muck on the wreck a bit, but swimming up is not that difficult if he started neutrally buoyant at the surface (which he did). As he ascended, the swim became much easier as his suit regained much of its buoyancy at about 20-30 feet.
Where people get into trouble is in being quite negatively buoyant at the surface, and dependent upon the BC for surface floatation--this is very poor dive practice which has led to fatalities (as has been described here).
'Just thought I'd share this perspective.
SeaRat