Kim -- What "massive 1st stage failure" is going to be solved by turning the valve off?
If the air in the tank is not going to be useable, I'd rather not be spending the time, energy, remaining breath in my lungs turning the valve off. There's either an alternate air supply to provide time to do mechanical mucking about (buddy, pony, isolated second tank), else it's time to do a Hail Mary ascent. Are you thinking about something like a first stage freeflow? What's the actual likelihood of that clearing by one or two on-offs? (risk/benefit -- since it takes multiple turns on the valve to shut it off, we're talking a serious number of seconds here. I'd personally hate to spend 10 seconds of my last breath trying to turn the valve off then on again, only to find I'm still hosed, that it was an o-ring blowout or some such, not cured by an on/off)
(I'm asking this out of real curiosity, a serious question, trying to understand a major failure that's going to deplete your tank in seconds, yet can somehow be cured by turning the valve off, and the remaining air in the tank will somehow then become accessible again.).