I'm not an instructor. When I took my PADI OW course, I used a jacket style BC, AL80 tank, 7mm farmer john, 7mm hood, 5mm booties/gloves, and floaty fins in 50F/10C water. With all that floaty gear, I needed 30 lbs of lead to sink, plus a 2lb weight on each ankle to trim out remotely well.
I found the BCD removal task to be very challenging on the surface. We were taught to remove the BCD, let it float at arms' length or so, then get on top of it to re-don. But the lift on the BCD was insufficient to float the whole rig, so when I removed it, it would sink to the bottom of the pool if I let go, and climbing on top of it to re-don was really hard. Doing it mid-water, around 7-8 feet, was much easier. Maybe because the wetsuit was partially compressed, so me + the rig was overall closer to neutral.
Now I use steel backplate, drysuit, steel tanks, neutral fins (negative fins w/ doubles), and about 14 lbs of lead, which all lives on a weight belt. Doffing and donning the rig is easy on the surface. With a full HP100 tank, the rig is roughly 15 lbs negative so the 30lb lift on the wing is way more than sufficient to float the rig itself. And since 1/2 the ballast is on the rig and 1/2 is on my person, both me and the rig are more-or-less neutral when separated, so removing and replacing the rig mid-water is dramatically easier as well.
Which is all to say, I agree with you Tom that separating it is easier and seems to be safer. I can't comment on whether it should be any agency's universal policy -- but it would have been really helpful if it were at least the policy of my OW instructors. Nobody should be out there diving a rig which cannot be floated by itself, and IMHO that goes hand-in-hand with splitting up your lead in cold water.
By the way, kind of off-topic, but Tom I'm surprised to hear that you are diving with 42 lbs of lead. I found an 8mm semi-dry (aqualung solafx) to be warmer than the 7mm farmer john, and it required less lead overall as well, by something like 8 lbs for me. My drysuit requires a bit more than the 8mm semi-dry, but still less than the 7mm farmer john, and is substantially warmer than either one. I don't know if you are in the market for new exposure gear, but there's some food for thought.