A setup called 'streamlined open water'
DGX Custom - Dive Rite XT Streamlined OW Reg Package
is very compatible with most recreational setups and is largely what you describe. A longer hose moves you to the setup common with tech divers. It is a very good setup with several advantages, though with covid it has the issue you would be donating the reg you have been breathing and slobbering all over, so for now, its advantages are mixed.
Pony is often attached with a clip at the tank neck to shoulder D-ring and clip further down to hip D-ring. Hose is stowed on tank and reg pulled out to use, no necklace required. Please do not call them elephants, nor bailouts as you are not diving a rebreather.
When in a necklace, the second second stage is usually just called the necklaced reg. If you want to be agnostic as to where the reg you are not usually breathing lives, say necklaced vs some octo holder, often just 'backup' reg is used or secondary. A necklaced reg is only bulky when trying to look directly down your body to see behind you past your fins. But moving it aside with one hand solves that. Hmm, your compass and SPG are on the shoulder, Compass on wrist is one of the more useful. The reg comes from the right and the SPG from the left, so they should not interfere.
Most tech diving uses a BP/W BC, now that you have a BC already..., so ultimately you may want to move that direction.
If you are looking at deep dives, an AL40 is a good pony. It sounds big but is not that much in the water.
Deep6 signature regs are great, I've two of their first stages and one of their seconds, which sometimes lives under my chin as my necklaced reg. A backup reg of the same quality as your primary reg is the safer approach, and the clear assumption in any tech diving. So mostly any reg with octo in its name is not a great choice for a tech diving oriented backup reg.
ETA: The AL40 is also very common as a small deco bottle in tech diving, it can also serve as a small stage bottle.
ETA2: The first thing you might do is get a simple BP/W setup. The BC is the base that you attach everything to. Your base is not the standard tech base, so many of the things you do in setting it up will be just a bit different with a BP/W so I would make the shift now. It need not be very expensive, for example
DGX Custom - DGX Singles Harness / Backplate / Wing Package. And a BP/W is perfectly suitable for rec diving.