I do have a button gauge to verify that it is full before every dive.No need to hand it off on a solo dive.As for valve on or off I always have it on.I KNOW thats not the case for deco.My pony is used as backup.When im diving solo I do roll over frequently to see if im streaming air from my back,also I heard of someone here carrying a mirror when solo diving I thought that was a good idea.And to clarify I have a 19 cf pony which I have tested from 70 feet deep making a SLOW ascent and sitting through a 5 min safety stop with plenty of air left.Now granted that test wasnt conducted in full panic mode.I am really enjoying the feed back here EVERYONE has made some very valid points in this discussion.The reason I dont sling my pony is because during spear fishing my shock cord always seems to snag on something on the sides of my BC never in the front or back although thats probably just coincidence.Keep em coming please people.
I spearfish in Florida solo as well. Most spearfisherman that carry a pony, do it back mounted (I think for the reasons you describe). Mounted on your back tank in an inaccesible location has some drawbacks, but it IS less cluttered in the front.
However, I STRONGLY encourage you to relocate the pony reg to a necklace configuration. It is a pain in the azz for the first 100 dives or so when you take your tank off on the boat and nearly strangle yourself, but you eventually get used to it.
solo spearfsihing, you want that reg in the best place. At your neck is best. On a clip on the shoulder is NOT, especailly if you are wrapped up in line and a jewfish has your fish in his mouth and he is dragging you around. the last thing you want to screw with is a clip on your shoulder!
Also, this is important as well... if you are using a back mounted pony with a button guage, you never know if you have air in the pony. You only HOPE it is there and that you would hear it leak out if there was a problem. In a high current descent, say down an anchor line that is brushing up against you, the shoulder mounted reg can freeflow without you knowing it. However, on a necklace around your neck, it will be almost impossible for it to freeflow without your knowledge regardless of your orientation.
Ditch the octopus and use a necklace and route the pony reg down under your arm pit. BTW...You are spearfishing, not swimming around with a mirror checking for boogers in your mask or bubbles fizzing from the pony bottle!
Edit: and hopefully somebody told you this already.. but make sure you can disconnect the shooting line with a clip between the bungi and the shooting line. It makes getting untangled feasible.
I may not be a good example, but this video (skip to 1:05 and 2:20) shows under the arm hose routing pretty well. I'm also wearing a deco bottle under my arm too... you can disregard that.
[video=youtube;1g4Cf-7-rHQ]http://www.youtube.com/watch?v=1g4Cf-7-rHQ&feature=share&list=UU1utDku8vJRJYgBZImLyLJQ[/video]