A freind of mine did a bounce dive to 290' in Cozumel on a single 80 filled with air. He even has a certificate to memorialize his extreme stupidity. It was apparently quite the rage for awhile but has been mosty discontinued due to a fair number of deaths and accidents.
Even with a 5 minute bottom time at 290 ft and a more conservative ascent time of 24 minutes with 1 minute stops at 80, 70, 60, 50 and 40 ft, 2 minutes at 30, 4 minutes at 20 and 7 minutes at 10 ft, DPlan indicates 56 cu ft of air will be required with a sac rate of .8 for the dive and .6 for the deco. Of course the PO2 is 2.1 at that depth and you are just begging for an O2 hit assuming the narcosis does not impair you to the point of not wanting to surface first. In my freind's case, he had planned to descend to 275' but the bottom was not much farther so he just kept going. My thought is that he was extremely fortunate he was in only 290 ft of water.
For a 204 ft dive, DPlan requires 1 minutes stops at 50, 40, 30, 20 and 10 ft for a 5 minute bottom time at 204 ft with only 34 cu ft of air required assuming a sac rate of .8 for the dive and .6 for the deco. So even with double the air consumption it is possible with an 80.
It is by no means smart, due to a lack of redundancy, impairment due to nitrogen narcosis, the potential for oxygen toxicity, and about 100 other ways to die in the process, but it is possible.
