I guess that the summary of all the responses is that, unless previously discussed, there is no agreed upon "diver in distress below" signal. This seems like a serious failing to me...
I could very much see how a very thoughtful but newer diver might reach this conclusion. And, in certain very limited circumstances, I would agree.
OTOH, for this approach to be of life saving value, the following would have to be the case:
a) You would presumably need to be boat (versus shore) diving; and
b) You would need to have one or more lookouts watching for a SMB; and
c) You would need to have a standby diver with gear; and
d) You would need to have a way for the boat to quickly retrieve the SMB and read the slate (even when it surface some distance from the boat); and
e) The diver in distress would need to be in a position (and have the skills) to safely deploy a SMB; and
f) It would need to be the type of emergency where another hand would meaningfully increase the odds of a good result; and
g) It would need to be the type of emergency where five minutes before help arrives is OK but waiting for the buddy to surface and seek help would be too long.
The most obvious scenario that comes to my mind is a diver trapped or lost in an overhead environment (such as a wreck) while the buddy makes it out but has a decent deco obligation. And RJP has already laid out some much better alternatives for dealing with that and many other sorts of scenarios...