Coming from one of those "old pre BC guys"
For me the big question is: are you diving with a single tank or doubles? I have no issues with diving with no BC with a single tank. northernone started a post fairly recently about diving without a BC, but with doubles. I concluded that I would need about 5 pounds of lift from somewhere to be neutral, but he seems to have it figured out
Typically, in Southern California, I dive with a 1/4" (7mm) Farmer John with a single steel 72 and no BC. I weight myself so I am neutral at the end of the dive with a couple hundred psi left in my tank. One time, near the end of a dive, I found a very nice, rather large, Danforth anchor with about 10 feet of 1/4" chain attached. I began by walking towards shore in the old "hard hat" fashion. Unfortunately I was low on air but stayed down until I had sucked the last remaining breath from my tank. I swam up to the surface and swam with the anchor the last 200 yards or so using my snorkel. Since it was the end of the dive I was more buoyant than I would have been otherwise. None of this was particularly easy, but it was easier than carrying it up the hill along a trail known as "Cardiac Path" at the end of the day. I admit that I was a lot younger when I did it and I was the guy who could do more push-ups and pull-ups than everyone else so yes, I was in fairly exceptional physical condition. I also collected fishing weights while diving (on many other occasions) and often I would be carrying an extra four or five pounds of lead and it was never an issue.
Hole in the BC? In don't need no stinkin' BC!
The only time I ever carried rocks around was when some DM on a dive boat would give me less weight than I told them I needed. I am more buoyant (in my old age) than it looks like I should be. Just in case I find another anchor (or weight belt, etc) I sometimes carry a "lift bag" that is a "re-usable" grocery store shopping bag that they charge 10 cents for around here. They are fairly sturdy and have built-in handles and don't leak very much. I keep a heavy-duty snap hook with it so it can be possibly attached to some underwater treasure. I'm guessing it has about 10-12 pounds of lift.
As for dropping your weight and attaching a line to it for recovery, I think it could work if you have it planned in advance so you have a clip on your line and a place to attach it to the weight.
And to confirm what taiman said--no, I never did a 3-minutes safety stop until I got on a dive boat in Hawai'i, which was also the first time I'd ever used a BC.