The general order of preference (at least amongst the folks I dove with on the Northern California Coast) was:
1. Nurse your regulator the surface, hoping to get a few sips on the way up.
2. Spit it out (yup!) and blow bubbles all the way to the surface.
3. Buddy breathe to the surface.
BB was really only done when you were in the kelp, there was a canopy above, and thus you needed to travel some distance horizontally for a clear shot to the surface. Even so, BB was practiced at the start of every dive. A lot of dives ended with breathing getting hard while deep, coming shallow and getting a little more air, a nd finally having to do a free ascent from thirty or forty feet when the regulator just stopped delivering any air at all. Why we spat the regulator out is beyond me, I suspect that if we had kept it in, the laws of physics being what they are, we'd have gotten more air back in the shallower range.