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Not on a Suunto it won't, as soon as it hits deco it will beep and carry on and want you at 6m asap with a 3m ceiling adding to your TTS until you get there. I don't have anything else to add that hasn't been said other than you are doing a no deco dive so stay well within the NDL on your (fairly conservative) Suunto. Yes as you ascend you will get some time back.
Personally I'd question the nitrox and consider not using it.
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However, like I said, I'd probably dump the nitrox as the nitrox introduces other problems in regard to your depths and the benefits especially on your first deco dives are going to be out weighed by the issue of what happens if compounding all of this there comes a depth issue on top of things? What if your buddy F's up and gets narc'd and goes deeper than he should? You now are in deco and on top of it are faced with violating your maximum depth due to nitrox?
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My advice, figure out how the ad-hoc deco (if you want real deco, take the courses) works on your computer little by little, as the manuals are not very detailed on explaining this. . . .
From the D4i manual:
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