I think I understand your question, stakanak. You have two options for being able to turn off the valve -- reach behind you, or take the tank off. I'm pretty sure that, by the time I got my gear off in midwater, the tank would be empty if it was blowing out of an LP orifice or hose. But I know I CAN shut off my tank before it's empty if I just reach back and do it, because I have done it before.
As far as feathering the valve to continue to breathe from the tank as you are ascending, in a single tank, I think that's awfully hard. I'd much rather just go on my buddy's gas and ascend comfortably. The main reason for turning the tank off is to get rid of the unholy noise, and to prevent the tank from emptying and allowing water into the first stage or tank.