CO2 in the bloodstream is completely determined by minute ventilation, assuming the gas you are breathing does not contain additional CO2. Bailing to open circuit definitely makes it POSSIBLE to reduce the blood CO2 level, assuming you can achieve a higher minute ventilation than what's required to keep the CO2 where it is (which is in part related to level of exertion). It may not, however, be possible to reduce CO2 fast enough to clear your head and get rid of the panicky feeling, in part because the natural tendency when panicky is to breathe as fast as possible. On scuba, this means reducing the efficiency of the ventilation, because too much of it is just going to exchange gas in the trachea and large bronchi, which don't exchange gas. That's why we are taught in OW that, if we begin to "overbreathe our regulator" (meaning the diver feels short of breath despite breathing as much as he can), we are to STOP, hang onto something (reduce exertion) and breathe SLOWLY and DEEPLY. It is then possible to reduce CO2. What may not be possible is to stay rational long enough to do it.