Think it through: In what circumstance are you really, truly going to need the gas in that pony bottle? When you have suddenly lost your gas supply (eg. Dip tube clog, or massive first stage failure). Are you really going to be wanting to sit there, with nothing to breathe, fiddling with disconnecting LP hoses? I think not . . . You might be able to do that if you switched because you were LOW on gas, or had a mild free-flow that wasn't massive, but honestly, this is the same objection I have to the UTD sidemount block. You don't want significant impediments between you and breathing gas in an emergency.
Having a neatly stowed stage reg on a slung bottle is not significantly worse than just having the slung bottle, in terms of weight or streamlining.