Thanks for the info. I guess 2 regs is the way to go for my dive buddy and I.
I agree with that approach, you have made a wise decision. Having said that, Lynne made a very good additional point that deserves consideration, particularly since you appear, from your question, to be at the point of setting up your personal regulator:
TSandM:
you are using a primary donate system, which I believe to be a better system than donating your octo. If you donate the primary, you know the reg is working, and you don't have to fumble around to find it.
Most (but not all) entry-level scuba instruction emphasizes donating an alternate / secondary second stage to a diver in an out-of-air situation. There is an alternative school of thought that recommends donating your 'primary' regulator - the second stage that is in your mouth - instead. I personally subscribe to this approach. As Lynne points out, one distinct advantage of the 'primary donate' is that you are donating a regulator that you know is working at the time you donate it.
While this might somehow be considered an 'advantage' of of Air2 system, it really doesn't mean that an Air2 system offers something that a more traditional configuration, with two second stages, does not offer. Rather, you can set up your regulator in such a way that you can donate the 'primary' second stage - what is in your mouth - on a longer hose, and position your alternate second stage on a shorter hose, in a manner to easily retrieve it after you donate your primary- for example, the alternate is on a bungee necklace (as Jim suggests), and sits just below your chin where it can be easily found, retrieved, and put into your mouth. This can be done using common (I hesitate to say 'standard') hose lengths. Often, a regulator is set up with the alternate second stage on a 40" LP hose, and the primary second stage on a shorter LP hose (e.g. 34"). As Lynne pointed out, sharing air with a 34" hose can be a bit of a challenge. In contrast it is easier with the 40" hose.
So, something to consider. Get two second stages that are identical, or at least comparable, in performance. You can put a yellow purge cover on one of them, and put that second stage on a 40" hose (it can even / also be a yellow hose, if you wish). Use that as your primary second stage in the water. The other second stage, on a shorter hose, is stowed conveniently under your chin, on a bungee necklace. In an out-of-air situation, it will be apparent to your buddy where the alternate second stage is - it is IN YOUR MOUTH, it is YELLOW - and s/he won't have to search for it in the (Bermuda) triangle. You donate that second stage, on the longer hose, to your buddy, then quickly retrieve the other second stage and put it in your mouth, and the two of you make a comfortable, controlled ascent.