I started diving before the SPG was in wide use, with a j-valve you can run out of air twice, as they like to say about the Spare Air, with a k valve you just ran out. Since going OOA was how you knew the dive was over, until you got a feel for the time the tank would last, after a number of times running out of air, it ceased to strike terror in ones heart as it does now. And most divers no longer come to scuba from a snorkeling/freediving background. The surface was, and still is, the unlimited supply of redundant air. Since I mostly dove solo, going directly to the surface is the answer. My original OOA training priority to access the surface was buddy breathe, swim up, detonate CO2 in Mae West, drop weight belt, ditch rig. With variation due to gear evolution it is the same priority as I have today.
Old is just overcoming adversity with skill and luck, the jury is out on wise.
The increased breathing has more to do with fear and panic than the casualty. Have a plan, execute it, and panic can wait till you run out of options. Panic is the mind killer.
You should be heading up as you retrieve your spare air, catch your breath at 60', now the Spare Air, or whatever you carry, is worth more to you and you can shake Narcosis if you need to. 130' is no place to think up a plan, you should already be executing the one you prepared topside.
For your plan a Spare Air is doing something half, I'm coming from a time that had less options so a little help is more than enough. That being said, when I do carry it is now a 19, I'm not as young as I once was.
And well received here.
I have not gone OOA unintentionally since I started using a SPG. With equipment now, if you inspect and repair/replace as necessary, a failure is rare. I haven't had a gas problem in years, mostly failures have been minor, annoying and ultimately due to my oversight. I don't count the failure of vintage gear I test, as diving is one method of finding issues, and I'm expect surprises.
Bob