This was posted in the DIR forum, so I gave a DIR answer. Different agencies have different approaches to immediate actions in the case of valve failures. While I am not saying that GUE training is the only way to be considered a DIR diver, your approach to valve failure troubleshooting is most assuredly not the GUE/DIR approach.
The GUE/DIR approach to valve trouble shooting begins with shutting down the right or left valve if you are able to identify positively which post is leaking. There is no immediate action which first calls for shutting down the isolator as you do not know if the leak is your valve or an extruded neck o-ring. Because the offending post/valve is behind you, all you are aware of is that gas is escaping from the general location. Until you shut down that valve, you cannot tell if the problem is the valve or the post. Of course, once the valve is shut down, and the corresponding second stage is de-pressurized, then if the bubbles continue, you immediately shut down the isolator. I understand that other agencies have a different approach to this (ie: shutting down the isolator first regardless) however, since this was posted in the DIR forum, I am providing a GUE/DIR answer.
I understand your argument for shutting down the isolator first and I have had this discussion with several non-DIR divers. However, the DIR answer in the DIR forum is that the most likely source of failure will occur in the working regulator. Hence, we begin to troubleshoot the problem (if we cannot clearly tell that the problem is coming from the left side) by starting there. If you are familiar with the GUE/DIR troubleshooting procedure than you know that we are not trying to train robots but rather thinking divers that begin solving the problem from the most statistically likely problem area.
As to inflator failiures, I don't know if you have tried to unhook a failed wing inflator with dry gloves in 45 degree water but from our experience the first thing that happens is that the inflator coupling freezes making it next to impossible too disconnect the inflator hose. This happened to one of our team mates this spring. There are various arguments presented within the DIR community as to the immediate action required, however, from our experience in relatively cold water, with drygloves, the only thing that works for sure is immediately shutting down the right post and dumping from the rear at the same time. Kinking the hose to the wing, or disconnecting the inflator coupling have not worked here in real life. We have tried both. Once the coupling warms to ambient temperature after the gas flow ceases, you can then disconnect the LP hose and then turn your right valve back on, again providing your primary regulator with gas. You have just experienced one major failure at that point and it is time to go home.