pilot fish:
Sounds like you might want to slip out of your BC instead of reach back? Not sure abut that. Would sip air on ascent be a better alternative?
Why!?!! Let's compare.
Slip off the rig: You're probably moving your fins all over the place, silting out the environment so you can't see s**t. You are then pulling things around, messing up your trim and turning into a real charlie-foxtrot of twisted hoses and the like.
Feather the valve: Reach back and do it. Still horizontal, not tangling anything.
I had a (simulated) first stage free-flow this weekend in a class. I immediately went on air-share, and turned off the valve. Since we were simulating high-current open ocean diving, we had to get back to the upline to get to the boat, and would only do an open-ocean ascent as a last resort. Well, on the way back to the upline another teammate had a problem we had to pause to sort out.
Having turned off the freeflow, I still had air in my tank in case it was needed. If those pauses to help the teammate with his emergency took us (the air-sharing pair) into dangerous territory in terms of the air avilable, I COULD have gone back to my own tank.
You might think the situation was contrived, but it's not that farfetched. Start with a reg problem, and in the air-share someone's mask gets dislodged, so they do a bit of chaotic motion resulting in getting some line or kelp wound around them. Now do all that at Farnsworth Banks (SoCal high-current open ocean dive).
Again, it's all about tools in the toolbox.
You guys arguing against it seem to think it is this difficult-struggle-to-reach-the-valve battle which only has a small chance of success. It's not like that. With a little bit of practice you can reach the valve as easily as you scratch your ear. It's really a trivial matter, and when someone says that taking off the rig is a better/easier option it tells me that they've never tried both skills to compare them.
Edit: Just for clarification, all of the problems on that dive were simulated. Also, I didn't really turn off my air, that was another simulation for the class.