With my setup (DIR/Hogarthian) :
Debris in a dip tube has to happen twice before becoming a problem.
Malfunctioning SPG is not very likely to cause a big problem if your starting tank pressure and gas consumption is known.
Taskloading and narcosis... these are very easy to recognize and prevent. If those get you in trouble you have crossed your comfort zone border a great deal.
That makes it close enough to non-existent for me....
What is the worst worst case failure that can be envisioned?
Here is mine: A main spring failure in a 1
st stage will result in the closure of the valve and no more/none/zero/zip/nada air getting through. It isnt common actually its very rare but it does happen. Should you encounter this concentrated dose of chlorine while swimming in your chosen gene pool, youll get a small fraction of a breath as you breathe down the 140 psi in the LP hoses but the normal reservoir of a full breath or so wont be available because the HP hose is on the upstream side of the valve. There may not be any warning prior to a spring failure and the chances are good it will happen just after youve exhaled.
When considering whether or not the possibility for an event like this to occur to you is too small to plan for, remember that a decision not to be prepared means that you probably wont survive an encounter with it. Part of gas management is being aware of and planning for all contingencies, eh?
So, how far can you swim, comfortably, with no air in your lungs? Cut that distance to allow a little bit of time for
@#$%^! to travel from your forebrain to your fins and even more time for your buddy to react to your ever-so-calm presentation of the OOA signal, disentangle his octo from his light cannon/camera pig-tail and hand it to you, upside down. Subtract even more distance for current/bad viz/inexperience. If your buddy is farther than that, Id say hes too far and certainly too far for comfort.
If your buddy/dive master/instructor tells you the chances are too slim to worry about, you have now identified a more immediate problem than contingency planning.
New divers should keep their buddy within one kick half a kick cycle. Experienced divers in ideal conditions might stretch that out to a couple of kick cycles. An old tech diver adage applies to this situation: If you need one, take two. Having a fully redundant gas supply is an excellent solution to the problem.