If he had a free flow on the bottom it would drain him to zero. A zero PSI on the bottom is zero PSI on the surface. Ascending 4 ATM does not increase zero to anything above zero. If he did surface with minimal pressure due to the ATM change it could possibly be enough for a few panic breaths to avoid the AGE but probably not inflating his BCD and give him no air on the surface. He would have to have have the mindset to switch to his snorkel and then have the composure to inflate his BCD. I haven't sen many photogs use snorkels due to them getting in the way.
The SPG, assuming totally proper calibration represents pressure relative to ambient pressure.
A drained tank at the surface is in reality 14.7psi, equalized with the ambient pressure - your spg is simply calibrated to read this as 0psi relative to ambient.
So a tank equalized with ambient pressure at 4ata then raised to the surface in effect as 58.8psi, which should register as 44.1psi on the SPG...
But then again, the tank dosn't drain when a reg is attached... As your talking about PSI levels that can no longer overcome the IP of the first stage, typically in the 120-140psi range - again relative...
Wasn't all this covered in your DM class?