I dive with the pony back mounted and on. It is unlikely that the pony will loose a whole lotta air from a first stage leak without you noticing it. BUTTT.. it is VERY easy to loose your pony air if it is back mounted, tank on and you have the second stage clipped off to your side or your D-ring etc. It is very easy to be descending down an anchoring in tough conditions, getting thrown around by waves and surge and fighting a current and descending head down.
In this situations, you will likely be breathing hard and your exhaust bubbles will be rippling over your body and chest (because you are upside down). If you have a thick suit on, you may or or may not feel much of this. The problem with this scenario is that the pony second stage could start freeflowing, and you might not notice it on a "busy" strenuous descent.
So my answer to this significant drawback, is to have the pony on a neck lanyard. You WILL feel a freeflow of the second stage if it is around your neck. you just can't not notice it, even if you are upside down, it will rattle your neck..
So my advice is that if you are going to back mount the pony, make sure you have it on a good neck lanyard.
It is simple and easy to leave the tank on.
if you want, I know people who back mount the pony upside down and this puts the pony valve in a perfect position to reach and manipulate. that is a viable option in my opinion, I just have never done it. In line shut off valves are another failure point and I would avoid them for this application.
if you mount the pony as a slung stage bottle, you can easily manipulate the valve and you can have it on or off, I don't see it being a huge issue either way.