As a partial answer to your question --
I teach open water students in frigid (40F) water. We don't give them back mounted pony's, but they do have standard second stage octopus regulators. These are medium quality regulators not specifically designed for cold water (yes I'm aware of cold water regulators and use them myself; this is rental gear . . .).
It's a rare weekend when we don't have a couple of free flows that need to be addressed. This is no big deal since we might lose a cube or two before getting it under control.
However with a small pony bottle, if your bailout margins are small and/or if you don't notice the free flow as quickly due to the location of the 3rd second stage then you might be counting no a resource which is no longer viable.
I teach open water students in frigid (40F) water. We don't give them back mounted pony's, but they do have standard second stage octopus regulators. These are medium quality regulators not specifically designed for cold water (yes I'm aware of cold water regulators and use them myself; this is rental gear . . .).
It's a rare weekend when we don't have a couple of free flows that need to be addressed. This is no big deal since we might lose a cube or two before getting it under control.
However with a small pony bottle, if your bailout margins are small and/or if you don't notice the free flow as quickly due to the location of the 3rd second stage then you might be counting no a resource which is no longer viable.