I could see this being a major (if not fatal) issue when someone is in despirate need of air.
The reason this could become an issue is because the diver received poor training and, most likely, doesn't practice his or hers skills. Tbone hit on this in his first post, trying to use equipment to overcome poor skills as a solution is the problem. Don't be the diver who doesn't take the time to practice skills. It is simple, it can be fun, plus it simply makes sense to do so.
As you can tell, I am not a fan of the puck alternate second stages; they are for non-thinking divers who want cheap gear. With that being stated Apex does make a nice one and it is the one I would recommend. Poseidon also has a nice one.
I am in the school of thought practicing your skills. So many divers neglect this, thinking the once, maybe twice, of doing the skills in BOW training is enough. Scripts Institute has shown that it take practice to become proficient. If one is not going to practice, expect there to be problems. Avoid buying equipment to overcome a skill deficiency as a solution to a problem that doesn't exist.
Besides, my first open water instructor told me this: the octo is not for your buddy. The octo is for you. If they are truly OOA, they will simply rip the reg out of your mouth.
Did your instructor point to any evidence that this indeed is what will happen? I hate it when I hear this line. In all the LOA and OOA situations I've seen or dealt with at no time did anyone reach for the reg in the mouth. They reverted to their training. In one case the diver didn't revert to training, instead the diver bolted to the surface. One could argue the diver did revert to training by using the skill CESA. There have been studies on this in the U.S. and the U.K. in which both sides of the pond reported that divers reverted to their training.
Research has shown that colors don't mean anything,
What research are you referring to? In one of the Andrea Doria / You Who Sub books (Deep Decent, Fatal Depth, Last Dive) one of the divers had a pink alternate in which he was razzed for. When another diver ran out of air the diver he chose to go to was the person with the pink alternate. Not necessarily because it was pink, but because of association and all the teasing.
Research has shown ... and real world experience from many of us dealing with OOA incidents shows that if someone is going to grab a regulator, they're grabbing the one that is making bubbles in your mouth.
I am surprised you would write this. There is plenty of research that contradicts this. BSAC, SSAC, and Lifeguard Systems have conducted studies on this issue and stated people reverted to training, not grabbing the one in a person's mouth. At DEMA this past fall this issue was covered in a seminar and the same conclusion was pointed out. This does make me wonder, though, about the days when buddy breathing was taught; I could see this happening with them.