This is where the logic escapes me. I don't say this to start flames or troll, but out of genuine interest in the logic of the situation/solution.
We assume your diving a BIG tank at 120 and are carrying a stage or pony of 50/50.
Your regulator starts to freeflow wildly. Your buddy is no where to be found. You can't (or wont, doesn't matter for the sake of this discussion) use your 50/50 till you get up to 55 feet.
We all on the same page? Good!
Let us also assume that holding your breath of a two minutes is a normal skill and for one minute a trivial proposition.
Why not:
1) breathe off the freeflowing regulator to 55 and switch to 50/50? or
2) make a free ascent to 55 and go on to your 50/50?
Breathing off a freeflowing regulator is not that big a deal.
Making a free ascent from 120 to 55 should be perfectly safe to 60/min and will only take a over a minute. I say that rate is ok, because dP/dT is actually less that dP/dT from 30 to the surface at 300 FPM.
For me, it once again comes down to a minimalist approach; less gear is better, as long as there's a rationale solution. To buy the farm because of said freeflow would require:
1) No buddy, and
2) Not enough gas to make the freeflowing ascent to 55, and
3) Not being able to hold my breath for 65 seconds.
Perhaps I'm unimaginative, but I really can't foresee a maximum creditable accident that trumps all three of those criteria.