Don't forget you can just grab your buddy's alternate if you need to.
The plan for my buddy and I when we do extremely cold deep dives around here, where we would each have a pony, is for the person with the freeflow (for ex. me) to switch to the pony. We can turn off our main tank, but since it's easier for the buddy to do it, the buddy turns off the main tank. We begin our ascent slowly, completing any stops we planned. During our ascent, I can turn on my main tank or my buddy can do it and see if it is still freeflowing or if it has thawed out. If it's still freeflowing, shut it off again and try again shallower. If it's working properly, switch to the primary tank. We can instead just use our pony for the entire ascent, since we know that it has a sufficient amount of gas to bring us to the surface safely from our deepest point - whatever we have planned for that dive.
We could just breathe off the freeflow as we were trained, but we do not believe our single tank will provide enough gas for the entire ascent from, for example, 130 feet at 36 F including stops that we have planned. Also, we're pretty sure that our mouth will be numb from the freezing temp long before we surface. It's simply easier to switch to an alternate.
We do not plan to simply switch to a buddy's alternate at these extremely cold depths because it increases the work of the possibly only working reg. This is like overbreathing a reg in very cold temps, which can cause it to freeflow. Now you have 2 people breathing off one reg, which could more easily freeflow than separate regs. What are the chances of 2 people having enough gas in a standard single tank to breathe one freeflow from depth to the surface and make any planned stops? None.
We have not planned for feathering the valve because we have never practiced it and it seems like too much task loading for us.
BTW, with our single tank, each of us always reserves a rock bottom amount of gas (pre-planned according to dive) for both of us to complete our dive safely plus deal with any issue that may arise. In addition, for extremely cold deep dives, we each bring along a 19 cf pony strictly for redundancy.
Of course doubles are far superior to a pony, but we do not feel doubles are necessary for the dives that we do at this time.
Hope that helps with some other options for freeflows.