I have dove the Canyons on several occassions. Here are my two bits/answers to your stories.
I am wondering if you were using local divemasters to start off with, I mean people who actually KNOW and dove the sites many times. Our divemaster Rico from Scubaplus has done several hundred dives in the Canyons, and I think that is an absolute must to start off with, to have someone who knows what can happen at any given site. We have dove the Canyons with him on several occassions with NO current at all. There are tide and current charts available for anywhere on the planet...
But we also dove the Canyons in strong current. The thing is that we knew ahead of time that there will be a current, and a downwelling and PREPARED for it. Although we had single cylinders with air (120's/NO nitrox due to the possibility of being temporarilly being dragged down), we also all had 75lbs. lift tech BCD's, and 19 cu. ft. pony bottles. If there is a possibility of being dragged down below 130', you want to have (at least one) extra high performance regulator. We also had 75 lbs. lift bags, and safety sausages.
As it happens, the dive went just like we expected. We hopped into the water, went down past the shark cave down to 140' to see the soft corals, and then we got to the 'fish bowl' , a small crater like place in the bottom (the trevallis, tuna etc. are really worth this dive) for about 8 minutes. The current above you is strong, no question about it, but that's where the big fish hang about.
Upon leaving the fish bowl, the current picks you up immediately and there is ALWAYS a downwelling (you should always find out about a dive site from local, knowledgeble divers). We inflated our BCD's to about the right buyoancy, but this is sometimes very hard to estimate as the current tosses you around pretty good, and you must keep an eye on your computer, but above all you must remain calm and composed. The bottom drops off rapidly, and the downwelling stops once you get to 100' or so (it follows the bottom). We then deployed our lift bags and did staged deco stops, first hanging around at 70' for 2 minutes (new recommeded deep stops are at least 1 minute at half of your maximum depth), then did another stop at 35' for a minute, and then 12 minutes at 15'. I had atually had to switch to my pony (nobody's perfect!) to finish my required deco as I "ran out of air" at 15' with only 200 psi remaining, so doing this dive with a small BCD and a single 80 cu. ft. cylinder is really ill conceived, and any competent dive master or operation should not have taken you for this dive.....
As for dumping weights, this is always a bad idea on a dive such as this one because you can also get a huge uplift by the current and without weights you'd op to the surface real fast from great depths, a dire consequence likely resulting from this. (this is hard to answer, because if you are still getting pulled down with a fully inflated small BCD you might not have an alternative, hence the lift bag...properly equipped with a dump valve and a proper quick disconnect clip).
Hope this help a little. All of this equipment is easy to carry and is esy to use, (try it first a few times at 40', so you get a feel for the reel).
I guess what I am trying to get across, is no matter how good you are and how experienced, it is always very wise to seek local knowledge anywhere in the world of any particular dive site (internet is great as well!), so that you can decide in advance if you are up to such a dive, and if you are, are you equipped properly for such a dive. Ultimately you alone are responsible for your safety. And let me tell you, Rico went with us, plus other divers as I mentioned, and in the current we got so badly separated that I was hanging on my lift bag for over 1/2 hr. while seeing no one. Nobody could really help me if I was in trouble. It is definitely an advanced dive. We all surfaced more or less together and deployed out lift bags and sausages on the surface, and the boat which was following our bubbles picked us all up one by one. Your buddy locking with you arm in arm did just the right thing since you were able to do it, and thanks to his calmness and experince things worked out very well. This is sometimes difficult, because if you have a panicking diver hanging onto you in current, and the panicked diver wants to get to the surface, you have to dump air (thank God you still have your weights) to counter his buyancy while trying to calm him down and trying to regain control of the dive.
But that would be another story...
Regards, Mike