Mike,
Your comments are the smaller of the issues. The larger picture is that a diver should be taking 5 minute snap shots of their dive. In the course of those snap shots they should be estimating in their head how much gas they used, and how much they have left. Let's assume for arguments sake, and to make the math easy, that you normally use 100psi per minute. Assume you start your dive with 3000psi, at 5 minutes your tank should read 2500psi, at 10 minutes it should read 2000psi. If you are using doubles, and you of course checked your starting pressure before you got in the water, when you looked at your SPG at 5 minutes it should read 2500psi, if it doesn't then you can safely assume that you isolator is closed. Normally, we teach that you do a flow check as you start the dive, so the isolator should be caught then, but if for some weird reason you didn't catch it when you geared up, you didn't catch it during your flow check, you would then be able to catch it, when you checked your gauge every 5 minutes.
Certainly the added failure point is of one concern, the financial considerations are of less importance because if it's needed then money shouldn't be the issue, but the larger point is that it's not needed if you have a diver that turns his brain on during his diver as opposed to a diver that uses devices instead of paying attention..
Hope that helps..
Later