As already mentioned, the long hose/bunged backup system begins with the assumption that the best regulator to give a stressed diver is the one you are breathing. You both know where that one is, where it's been, and that it's currently working.
Once you accept that idea, then the question is how best to configure your gear to permit that. Putting the secondary regulator on a necklace means that it is instantly available to you at the moment you have given up your primary. You can't lose it, and you can't miss any freeflow or leak problem with it, because it's right under your face. It's not caught on anything, and it hasn't been in the sand. If you set up the necklace properly, you can even pick up the secondary with your mouth, without needing a hand at all.
Hose length is a separate issue. If you donate the primary, you really DON'T want it on a 24" hose. That puts you literally eye to eye with the other dive, which is uncomfortable, and really doesn't permit any ascent or exit other than straight vertical. So, as Nemrod said, you can use an octo length hose on your primary and route it under your arm -- Some people don't like the way the reg sits in the mouth if you do that, and put a swivel on it. You can use a 5' hose and route it under your arm and around the back of your neck. Or you can use a 7' hose and route it under a can light, knife or pocket on your right hip, around the back of your neck and to your mouth. Both of the latter ways permit the reg to sit comfortably and do not require a swivel.
Having a longer primary hose gives you OPTIONS. You can still take hold of and control an OOA diver, or, if the OOA problem is something like a freeflow, where somebody ISN'T panic stricken, or some other malfunction where OOA is imminent but not currently present, you have the option of performing a comfortable horizontal ascent, or a swimming exit if that is a safer or more convenient option.
Everybody I've seen who's done an air-share drill with a long hose diver has switched.