My vintage dives are done sans BC and SPG, but I have a J valve and a very good idea of how long the tank will last at a given depth. I have never come close to accidentally running out of air, but I have intenionally breathed a tank down in a controlled environment (buddy with twin 104s at my side in 20 feet of water on a platform) to test out the J valve.
The biggest challenge in diving with out a BC is not keeping off the bottom (you weight yourself for neutral bouyancy at your planned depth), it is controlling your ascent rate at the end of the dive. I prefer using the safety rocks that litter the floor of the quarry, but an ancor line or extra weight belt left at the exit point will also work.