I know that using a tether is can be dangerous and presents a potential entanglement hazard.
this is very true
But I was thinking of using a coiled leash that would stretch to about 6 to 8 feet max.
This type of line can be even more problematic than a straight line. The coils can snag on things quite easily, including things line reg hoses and other important dive equipment
I would have to bolt snaps on it and would use it when diving with my wife during bad viz.
Bad viz is one of the worst situations to deal with an entanglement issue, and also one of the worst best ways to increase risk of entanglement if you are dragging a line between you. Also, being tethered quickly turns a single diver problem into a two diver problem.
In your runaway ascent situation, if you had both been neutral before the pocket fell out, BOTH of you would be going for a ride once that line between you went taught, unless you had been grossly overweighted and lying on the bottom when she took off. In deeper water, the problem would have been worsened significantly by the air expansion in BOTH of your BCs as you ascended, as well as the return of the inherent buoyancy of BOTH of your thermal protections. As one diver would be 6-8 feet above the other, that diver would be pulling the other diver up, as these forces would be acting more strongly on the diver above, which means the line between you would be taught...which makes it much harder to unclip in an emergency. Especially when it catches you by surprise.
There are certainly situations where tethered diving is appropriate, but not without specific training. From what I am hearing, you are considering a potentially dangerous equipment solution to a problem that should be resolved with more training. If the viz is that bad, touch contact would be a much better option. Or...just dive another day
I do have a recommendation that will help prevent runaway ascent from dropped weights, however. If you need lots of lead for a dive, you don't need all of it in ditchable pockets. It would be best to consider some fixed ballast, like steel tanks or a steel backplate/wing combo to help decrease the lead you carry. If that is not an option, consider cam band weight pockets (aka trim pockets) to spread your weight more evenly around your rig. That way, even if you lose a pocket, you won't be dropping enough weight to turn you into a bottle rocket. The best thing about the pockets is that they are not terribly expensive (from xs scuba and the like), can travel with you easily and attach to rented gear if needed, and can be moved around your rig to help your trim in the water.
hope this helps