I was generally taught that you do not want to load the out of gas diver with anything beyond breathing and managing his own ascent. This is where diving in a team of three is really handy, because one can shoot the bag and the other can call deco; but if you have only two divers, the guy who DIDN'T run out of gas should certainly be capable of managing a bag and watching his depth and time.
I don't understand your sequence for the valve drill. We do not share gas during valve drills. If the diver is shutting down a freeflowing post, he should be able to do that quickly enough not to run out of gas; if he runs out of gas, you are now in scenario 1 again. If a diver has had to close a post for a non-fixable failure, the dive is aborted. However, he should now be capable of managing other tasks on ascent, such as shooting a bag or calling deco.
Shooting a bag is never an emergency procedure, in the sense that it has to be done RIGHT NOW. Solve the issues with gas first, because those are true emergencies, then put the team in order and start working on the tasks of your ascent.
Bag shooting was taught in Fundies, and in my Rec 2 and Rec 3 classes, we were definitely given problems where we had to solve a gas issue and then have someone shoot a bag. I've also had mischievous buddies set fun problems like signaling out of gas, making me donate, then having me shoot a bag, and look over and see my buddy now is missing his mask. Fun times!