1. If you have a wing failure, it is unlikely to vent all of your gas.
1. a. Suppose the failure is the dump valve at the bottom of the wing, down by your butt. Well, if you adjust your body so that your head is up and your feet are down, very little gas will escape through that hole, because it is all up higher in the wing, near your shoulders. (Don't worry much about your trim not being perfectly horizontal if you have a catastrophic wing failure).
1.b. Suppose the failure is where the inflator hose attaches to the shoulder: again, how about feet up and head down (so that the hole is below the gas)? OK, that one's a lot harder, but is still feasible. . .
2. Here's how NOT to use a lift bag or an SMB for redundant buoyancy:
2.a. DON'T send it up attached to a reel or a spool or anything like that. That nylon line may be strong, but maybe it isn't strong enough to hold you and all your heavy kit up. (And anyway, you can't do anything with a bag that's way up there on the surface while you're down below, holding onto a string for dear life.) And if it gets caught in a boat propeller, you're toast.
2.b. DON'T inflate it and attach it to your harness or BC or whatever. Keep control of it by holding it in your hands -- so you can let it go if necessary.
3. Here's how to properly use a lift bag or SMB for redundant buoyancY:
3.a. Start kicking hard and swimming up, or grab ahold of a buddy's harness, or hold onto the reef or the wreck, or whatever you need to do to try to maintain neutral buoyancy for the next 30 seconds or so.
3.b. Take out the bag or SMB. Keep it mostly rolled-up.
3.c. Find the valve or open hole or whatever part that you use to inflate it, unroll it a few inches to either side, and start to inflate it -- while holding onto it. As you inflate it, while holding onto it, it will pull you up by your hands. Hold tight!
3.d. Continue to inflate it, while holding onto it, until you achieve neutral buoyancy.
3.e. As you ascend, vent a little bit of gas out as the gas expands, so you maintain neutral buoyancy.
Keep the bag or SMB mostly rolled-up (with the bag's inflate valve and the dump valve both readily accessible), and held tightly in your hand(s), and only a breath or two of gas should be adequate to keep you from plummeting down. If not, add another breath or two.
The only downside to this is that now you don't have a bag to shoot to the surface to alert the boat. However, if you're diving in a team then someone else should have a bag to shoot. If you're diving solo, get two bags/SMBs.
This is really quite easy. I am half-asleep, though, so I perhaps I haven't explained it articulately enough. If you're confused, I'll try again tomorrow.