We do it all the time when chaining off. Rather than anchor, one guy takes the line with a chain & large snap clip. We get positioned over a structure & down he goes, a bubble ride to hell. Finds a spot, chains off.
Sometimes he stays down. We gear up & follow. Usually on deeper sites he stays, unless the viz is so bad he comes up to tell us we're not chained on & will try another site. Sometimes, on shallower sites, say 70 FSW to the sand, he'll chain off & come back up to report on conditions, get his speargun & go back down.
When coming back up, he keeps his initial bottom time short. 2 to 3 minutes.
We also use computers which track all this. If you're diving tables you should treat it as a dive & plan with it.