I still turn it back a little (maybe not a quarter turn, I really don't know). Because that's what my first instructor said to do. That was in 2005. I know most agree it's best to turn it all the way on. I probably would do that if I did more than one charter yearly and had a chance of a DM turning my air off by mistake. On that one charter I make dead sure it's on.
My problem (even once a couple of years ago....) was that about 5-6 times I actually forgot to turn my air on. But, those were my usual shore dives--very benign, gradually sloping bottoms, etc. I noticed no air probably while donning fins in 4 feet of water. And most of those shore dives are solo. So, in my case, I don't think it matters whether I turn it all the way on or 1/4 turn back. Works either way.
Of course I agree with all who say take several breaths, check SPG, etc. before jumping off a boat.
Can someone explain to me how a DM winds up turning off someone's air by mistake? Don't all tank wheels turn on and off the same way? If the DM turns it the correct way and find's that it only turns 1/4 of a turn would the DM not assume the air is ON? Why would he/she then turn it the other way and OFF?