Just looking for the proper procedure. Here's a scenario that just happened two weeks ago on a shore dive: 300-400 yds out, about the descent point, a group member popped the filler hose seal on his BC (filler hose on the top of the shoulder). He started to descend. Popped his reg in his mouth (mask still around neckline) and dumped his weights at about 8-10 feet or so. He popped back up. Buddy retrieved his weight sacks and excorted him back to shore.
Realize that you're discussing two different scenarios. In cold water, as Tobin mentioned, you're going to have a lot more weight than what is inherent to your backplate. So some will likely be ditchable. And regardless, you're going to have a thick exposure suit that will keep you floating easily. Very different scenario.
In warm water, with little or no exposure suit, the only weight we're talking about is the 5-6 lbs inherent to your plate. That's not so much weight that you shouldn't be able to easily kick it to the surface.
Worst case scenario is somehow you've lost your fins so you can't kick up. Highly unlikely but at the beginning of the dive you described, you have no nitrogen loading to be overly concerned about, so drop your gear and pop up if need be.