Walter once bubbled...
Jon,
I have rescued many OOA victims while using an Air II. The situation you describe is not at all accurate.
When someone is out of air, they will sometimes signal this too you, but often they simply grab your regulator right out of your mouth.
With an Air II, you simply put it in your mouth with your left hand while taking a firm grip on the OOA diver with your right. The quick disconnect is not in danger of disconnecting. After securing your Air II, you then take a firm grip on the OOA diver with your left hand and make eye contact. You dump air as necessary with the pull cord on the right side of the BC. If you don't have a pull cord on the right side, you might reconsider your BC choice.
After the OOA diver has calmed, you exchange OK signals and ascend slowly and calmly. It is important to remain close to the OOA diver, maintain eye contact and keep a firm grip on his BC to help prevent panic and to control his ascent in the event of panic.
With a long hose, you will need to duck your head to get it out of the way as well as pick up your bungied octopus. Other than that, it's a good idea to continue exactly as I described above.
There are exceptions, but most divers are poorly trained and are likely to panic when OOA. I want them close. A long hose in this situation will be in the way. OTOH, if caving, you'd be nuts not to have a long hose.