I am somewhat skeptical that you will be able to identify the side of the leak/failure from simply sound. It seems that the ability to respond quickly and accurately in the shut off procedure is critical to the goal of successfully preserving enough gas to ascend.
Perhaps a more realistic protocol would be to open the waist strap and chest strap and plan to flip the tank over your head immediately so you can see where the failure is? That is a question not something I have ever done.
Perhaps another procedure might be to just shut one side down blindly, and wait 10 seconds to see if that resolves the problem. It should work half the time? but then you need to open a valve and close one. I'm curious to hear what best pratice is on this type of gear - it seems important to me. Plus, the H-valve set up is going to INCREASE (double) your chance of regulator failure, so this has to be considered in the over all decision.
Obviously if the failure is a second stage freeflow etc., then there should be very little ambiguity as to which side to shut down, if you know your gear set up.