Rob gave an OK sign before passing out, sank & drown. Had he just kept the mouthpiece on, did a MOF & breathed through his nose, would that prevent him from passing out or at least from sinking & drowning?
If you are out of O2 and your dil is hypoxic, you need to do two things when you are on the surface: get off the loop and close the DSV. At that point, unless you are seriously bent, you will probably be OK. The earth's atmosphere will soon fix any hypoxia / hyperoxia / hypercapnia issues that you may have developed, but if you don't close the DSV, the loop will flood and you will become negatively buoyant quickly. .
Trying to bump up the PO2 in a hypoxic loop by adding (lean) surface air through your nose Isn't a good plan. Just close the DSV and use your hypoxic dil to fill your wing. It won't support life at the surface, but it will float just fine....