Doesn't that mean from 30ft, you head back up at 600
SPGs aren't always accurate. 500psi on the gauge might not really be 500psi. The typical intermediate pressure is around 140psi, so if your tank goes below 140psi (plus another 15psi for 33' depth) your regulator performance will really fall off. The amount of air you need to safely get both you and your buddy to the surface while sharing air is both dependent upon depth and also for how long you hang around sorting stuff out after his reg fails.
Put it all together and you need a fixed allowance of a few hundred psi independent of depth. (300, 500, 800psi .... reasonable arguments can be made for each)
So at 120' I might be happy with just 1200psi with a known buddy that is calm under pressure, or I might want 1500 psi minimum.
What has more variability is what I'm willing to have at 30'. When I'm solo and it's benign conditions, I might go below 500 before heading up, since I do a 3 minute safety stop using less than 100psi out of an AL80. More likely, if I'm with a buddy, I won't let my tank get below 800 or so.
I posted a rule of thumb that is a good guide for starting. Even the fully calculated in detail rock bottom numbers are precise calculations that are based upon crude, variable, unreliable assumptions.
The important thing to understand is the concept that you are carrying your buddy's spare gas, and he has yours. And you need to have enough at any point in the dive to be able to safely abort it while both you and your buddy are breathing off of one tank.
Dive smart. Dive safely.