You should have been neutrally buoyant when you started deploying the bag. You were so close to netural that adjustment should be made with your lungs (primary) and slight kicking (secondary). When you started this drill you were neutral, dumping gas will typically be too much gas release and can cause your depth to seesaw as you are now too negative. If dumping gas is really needed, there are other factors at play such as you weren't neutral at the start of the drill or you are so task loaded you are subconsciously holding excess air in your lungs. If you need to dump gas before you have inflated the bag, you weren't neutral at the start.
There is no set way to prepare the bag, although you will see most videos with the spool in the left hand prior to being released. In all the training I have done (8-9 instructors) I have never grabbed the primary reg with my left hand so the movement and feeling would be alien to me. As Graeme Fraser noted, slightly raising the left shoulder or switching the reel/spool from your left hand to right hand in order to dump is easy enough. I don't want to make it sound like I am saying 'never dump, never dump', but the need to dump while shooting a bag is more a technique and fundamental skill issue. When just starting out, focus on your breathing and slight kicks to get used to the buoyancy and shooting a bag, don't go into it with the mindset of dumping gas to maintain depth