IP is Intermediate Pressure - on most regs it is between 120-145 psi above ambient pressure.I am not familiar with all the acronyms, what is IP?
...I completely agree on being able to turn on your own valve. I am not that experienced, but I have already jumped into the water with the air closed.
...However, I am not completely convinced still that the best solution to the original poster's problem would be to close his valve unless he has managed to reach his buddy.
Jumping in the water with the valve off is one of the major reason you want to be able to turn your own valve. In the best of circumstnaces when a crew or DM gets the lefty-loosey/righty-tighty thing confused and turns off you gas it is very inconvenient if you cannot reach your own valve. In the worst case, if you are entering negatively bouyant, for example as you would do in a strong current, or perhaps if you just fell off the boat before your BC was inflated, it can be fatal.
If I feel or suspect that anyone has messed with the valves, I breathe off the reg and check the SPG to make sure the needle did not drop to ensure I still have gas before I step off the boat. This is because I also wear a dry suit and if you go in negative with no gas and cannot inflate the suit, the squeeze may prevent you from reaching the valve(s) even if you normally can. So you keep going to the bottom with no gas and the odds are good that you are gonna die. Technical divers die this way on an occassional basis.
Also, it is not uncommon for a valve to be only partially open. It may breathe great at the surface, but at depth you can't get enough gas. Being able to turn on yourr own valve makes this a non-event.
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No one was suggesting the OP turn his gas off before he reached his buddy and completed the air share.