And that's where for me, at least subjectively, the difference between 40ft. and 60ft. comes in. Assume for a moment a worst-case scenario of insta-buddy chasing some fish and being useless, and a blow-out of the primary o-ring with no other redundant air source.
If your primary O-ring were to go bad, you will lose air quickly, and it will create a shower of bubbles that will surprise the snot out of you, but it will not end your air supply immediately. Just swim calmly to the surface, breathing all the way. You will still have breathable air when you get there.
At 30 to 40 ft. I'm quite confident that I can make it to the surface by CESA, and the only harm done might be what I would do to my buddy afterwards. For whatever reason, I'm not so confident about the same at 60ft. or deeper.
You can do a CESA from much deeper than that. Even if you had gone out of air, didn't notice that the tank was getting harder to breathe for the last few breaths, and started up with only a little bit of inhalation, you should still be OK. You only exhale a portion of the air in your lungs when you breathe, so they aren't empty. That air will be expanding, and oxygen will still be entering your blood. Additionally, your tank is not out of air. It was just unable to deliver the air to you at the pressure you were under when you thought the tank was empty. As you ascend and the water pressure gets less, the regulator will work again, and you will get more air. Keep your regulator in your mouth and inhale if the need arises.
Back in the days when divers used J-valves and no SPG, those valves were notoriously unreliable. Divers did CESAs frequently, even from depths of 100 feet. Because it was so common then, they were more confident in their ability to do it than modern divers are. It really isn't that hard.
It would require a quick decision to ditch weights and go buoyant (although if the tank air goes, that might already give me enough buoyancy there - again a decision that would have to be made rather quickly).
If you were neutrally buoyant to begin with, as you should have been, the minute you start ascending, the air in the BCD will expand, and you will be heading to the surface without dropping weights. You will have a greater need to slow your ascent down than to drop your weights. The caca would have to be very seriously on the fan for you to need to drop weights. I know they tell you to drop your weights in that situation, and you should not hesitate to dump them if for some reason you are unable to ascend, but if your BCD is working properly, it should not be necessary. If you decide it is necessary, then do it, but it is not something that has to be decided in a second or two.
Then exhale and hope I reach the surface before I pass out. And that kind of ascent does have inherent risks even if done correctly, from DCS from the rapid ascent to drowning if I pass out and no one notices it in time to fish me out of the water. And I guess that's why such a buoyant ascent isn't practiced in OW training.
You exhale slowly, just enough to let the air out that is expanding as you ascend. When you reach the surface, you should still be exhaling. If you blew through it all too quickly, just inhale. You should get a breath, as I said before. Even if you had no air in your lungs (which is not possible) and no possibility of getting any, you still have enough oxygen in your blood to keep you awake for a minute to a minute and a half.
If you are within no decompression limits, the odds of you getting DCS from this are very small, and if you do, it will mean a trip to a recompression chamber, not passing out and drowning on the surface. Decompression sickness
on these kinds of dives is extremely rare, and when it does happen, it is almost never fatal.
The reason it is not practiced is because the real threat is an air embolism caused by someone not exhaling properly upon ascent. That is the danger in the situation you describe. The real danger is that someone will think--like you do right now--that "OMG! I have to make a life or death decision in the next second and and get to the surface in three seconds before I pass out and die!" That belief is what causes the problem. If you can truly understand that things are not anywhere near as bad as that, and if you can keep your head and act calmly and appropriately in that situation, then the only thing you will have to deal with after that is the very real embarrassment of having gone out of air without a buddy nearby.