It didn't work well for me - I went from 1000psi to 300psi in the time it took to surface from 16fsw. I'm not sure I had the grip to kink it, though.
You might have to fold it over twice to completely stop it if the tank is full. I can hold a full tank with a single kink in the hose to just a slight dribble. Two kinks fully stop it. Of course that's all relative to where the burst in the hose is and whether you have enough hose to kink. If it goes at the fitting on the first stage, you're SOL.