The issue would boil down to the diver remembering this highly esoteric procedure in a time of great stress. If you're completely out of gas and you're attempting to bolt to the surface when overweighted you need to get up by a few metres/feet, find the BCD hose, exhale into it remembering to press the deflate button, but not too much to empty your lungs, go up more and repeat, then you might have enough to breathe from... Good luck with that.
You cannot practice breathing from a BCD due to the lack of sterile cleaning processes and picking up infections from equipment that isn't designed for the emergency use you're putting it to. Rebreather users regularly clean and sterilise their CCR lungs; nobody does this on a BCD as it's akin to testing your aibag on a car.
Also this won't work if the elephant's trunk has fallen off -- or if you were daft enough to have a ridiculous i3 (no elephant's trunk but loads of dumps waiting to fail).
The correct way to mitigate this is to dive with redundant gas sources and continiously monitor your gas supplies to not run out of gas. Sidemount, twinset/doubles, a "pony" stage cylinder, etc. Oh, and practice, lots of practice.