Good one. I did not think about a free flow. Would such a problem arise, I think that the best solution would be buddy breathing and ascending to 5 meters for the tank at the safety stop or worse (straight to the surface). With 150 bars for two, a controlled ascent could be possible, right?
There are a couple of unknowns in a plan for an ascent from 40m. The ascent rate, including delay at depth, and the rate of gas use.
Divers will often assume that they ascend at 10m/minute for planning but completely fail to Do so in the water. Achieving such a rate takes practice as divers have generally been indoctrinated to come up too slowly. Your actual gas consumption rate is another variable. Given low air consumption is an obsessive subject people like to lie to themselves about what they really use, then when stuff gets complicated and they stop paying attention to breathing it goes up, add actual stress and it goes up even more. Practice and experience help. If you can look back on how much gas you used while doing some tricky thing like putting up a DSMB or shutting down a twinset then you can gauge what elevated gas consumption to use. Given a proper plan you know you can safely get to the surface and so be more relaxed in the execution and so indeed more likely to succeed.
Assuming a not too panicky combined 50l/minute and a vaguely realistic 6m/minute ascent plus a couple of minutes to sort stuff out at 40
250l/minute for 2 minutes = 500l
Average depth of 20m for ascent => 3 bar for 40/6 = 6.6minutes so 6.6 * 3 * 50 = 1000l
so 1500l out of your 11 or 136 bar.
if we are generous with your gas consumption at 15l/minute and your descent takes 3 minutes that is 15*3*3 = 135l or 12 bar, so you have 210-12-136 = 62 bar or about 680l on the bottom, at 5 bar and 15l/minute you are using 75l/minute and so have about 9 minutes gas at 40m.
You can try these calculations with different assumptions and see that the biggest unknown (actual gas consumption on the air sharing ascent) has the biggest impact of the safety of the whole exercise. You might see that taking a bigger cylinder makes everything much less marginal.
However, despite the best planning what will kill the OOA diver is being too far from their buddy and bolting to the surface.