For a while I used scissors/shears in a pouch on my harness waist belt to capture a 7ft long hose. You need a cutting device in any case.
The OP doesn't say if he uses a wing or a BCD, with a BCD it is generally harder using a hog loop due to the pockets.
Aside from the hoses, can I ask you to have a good think about leaving off an octo on your main cylinder, especially if you use the pony for redundant buoyancy. Doing this means that the MOST gas available to someone is the pony, which basically means you ought not to donate the pony as the OOA diver will suck it down very quickly, so now you need to donate your primary. That is ok so long as everyone expects it but that is not the typical 'secondary take' system of recreational diving.
Another approach is to keep a primary and octo on the main cylinder as normal then have the pony as redundancy for yourself. If a panicing OOA diver is sucking your main cylinder down you get onto the pony and up you go, if not panicing you stay on your main primary, The main cylinder will have more gas than the pony at all points of a correctly planned dive going normally.
Although people will say that a 7ft hose is for single file exits, which is true, it is also very nice for open water ascents. The diver taking the air can do the ascent almost exactly as if they had no issue and everything can be calm. Having said that the storage of a long hose needs to be demonstrated, especially to avoid tangling it with a necklaced backup regulator.