Isolate the problem as much as possible. If you can identify which side the bubbles are coming from and turn off that post, if the bubbles don't stop, then go for the isolator, and have your buddy check it out. If it's determined by your buddy to be non-fixable then thumb the dive. .... That would probably be my general run down as I think most likely it would be a problem with a regulator more so than a tank o-ring.
This sounds all and good...but its best to simply shut down the isolator first....in doing so many times you will feel the location of the gas loose and then you can address that then....but by shutting down the isolator valve first you have gone a long way to protect your remaining gas supply....and always re-opening it last after the issues have been addressed.
Also the buddy looking and assisting is fine after the diver has first attempted to take corrective actions....and in many cases the diver might not have a buddy as he/she may be diving solo so its even more important to close off the isolator first.
I for one am not overly concerned with what the TDI//GUE//DSAT/ect. text book says on the proper format for valve drills, you have to take the basics and learn from diving/experience ....in my persl. case if it matters any, my technical instructor/TDI taught shutting the isolator down first in all situations.