First of all, the most common leak requiring a shutdown is a freeflow - in which case you (obviously) just shut down that post and breathe off the other reg...
Likewise for any other "up-front" leaks - SPG, BC inflator, Dry suit valve, burst hose you can see, etc...
For a mystery leak - one you can hear but not see:
(1) Catastrophic leak - a sudden BIG leak (if a BIG leak isn't sudden you'll have already taken care of it before it gets big
) - Shut down all three valves.
(1.a) Leak continues - leak is either burst disk or tank o-ring or somewhere in the manifold - leave isolator closed, open both tank valves. Determine which side is leaking, breathe off the leaking tank until it is exhausted, then switch to the other tank; abort dive.
(1.b) Leak stops - leak is at first stage or beyond. Open primary valve.
(1.b.1) Leak resumes - shut down primary valve, open secondary valve and breathe off secondary reg; open isolator; abort dive.
(1.b.2) Leak doesn't resume - breathe off primary; open isolator; abort dive
(2) Leak smaller than catastrophic but more than "minor irritant" - shut down primary reg; breathe it down
(2.a) Leak stops - switch to secondary reg; abort dive
(2.b) Leak continues - open primary reg, shut down secondary, switch to secondary, breathe it down
(2.b.1) Leak stops - switch to primary reg; abort dive
(2.b.2) Leak continues - open secondary valve; isolate; determine which side's leaking, breathe that tank 'til depleted, switch to other tank; abort dive
(3) "Minor irritant" leak - be prepared to handle condition (1) or (2); abort decision depends on the dive.
The preferred team approach to a catastrophic leak on your buddy's system is to hand your buddy your primary while you do all the valve stuff.
If your buddy does that for you, great, but be prepared to do it all yourself.
Rick