Yep, once again you guys are spot-on.
We call this, "When the fit hits the shan." It's like there's suddenly a moment of, "Oh, crap" where you realize that you're in over your head a little.
When this happened to me (I was basing this scenario on a real-life situation that happened to me), I was pretty new at all of this, but hung at 20' for the required 3 minutes and then moved to 10'. Hanging out and doing nothing made me sip air, and I ended up surfacing with about 50 psi... But I could have made an emergency swimming ascent from 10' if I hadn't been able to make it last.
The Divemaster began to complain to me a little about the 500 psi thing, but when I pointed out that he'd missed the fact that we'd been right beside the boat for 8 minutes obviously in mandatory deco... And that he'd done nothing to help (like bring us another bottle), he shut his yap.
With my situation, my buddy actually had more psi than I did, so he was fine... He just hung out to donate in case he needed to.
...Know what I had really done wrong? I was watching my computer the whole dive, and when I saw 2 minutes on my NDL, I headed topside. Unfortunately, I took a very long time to surface... Maybe 5 minutes. I thought I was doing some good coming up really slow.
...Which, physiologically speaking, I was - but my computer didn't think so.
Consequently, when I hit 20', I was told to STOP - now with very little psi left.
...So why did I deviate from the plan? Well... For some reason, even though we had a good plan, I decided at depth to instead dive my computer. I thought I could get more bottom time, I guess - it was a new computer and I was a new diver.
It took me weeks to really realize where I'd gone wrong - and that was to stop thinking for myself and start "diving the computer."
I'd have survived, I guess, no matter what, but it was the first time I was faced with a "fit hit the shan" situation... I was painted into a corner, and quite possibly, I didn't have enough gas.
Scared me a good bit.
New scenario:
You're cruising along the bottom at 77'. Vis is fair at best, at maybe 20'. It's somewhat dark, and you and your buddy both have lights, which you're using to point out interesting things along the hull of the wreck. Every once in a while you draw a circle on the hull with your light, for your buddy to see, meaning, "Okay?" He responds by also drawing a circle with his light.
You guys cruise along nicely in formation - side by side, maybe 5' apart, with each of you easily able to look over and see the other.
You look down in a hole to see that there's an open hatchway into the wreck's interior. Looking closer, you see that there's an engine room inside, and you can plainly see engine parts, pipes, and guages along the wall of the interior of the wreck.
Excited, you flash to your buddy to come look at the guages... But there's no buddy.
You look around, but no buddy.
You look into the hole, even cover your light with your hand so that you would pick up his glow. Nothing.
You look around in every direction, then above you... Nothing but a blue-green haze.
Your guages read 1700 psi, and because of the lay of the wreck you know which way to go back to the anchor line. This is an open-ocean dive, and you'd rather not surface off of the anchor line, but will if you have to.
What would you do?