I know this gets a bit off topic, but I've always considered the fact that in a PC in tow (with a throw out), you're trailing about 9 feet of bridle over your head when you kick your reserve out (either before or after cutting away). Does the free-bag clear the trailing PC? Does the main pop out afterwords?...
That trailing bridle is creating drag. That drag may prompt a two-out after you put your reserve out. Now do we want cutaway-control of the main as it inflates or not? That's another discussion.
This, to me, is scary stuff, and another reason why I opt to jump a pull-out. In a true total mal on a pull-out, there is much less chance of the reserve being snagged by anything, as there is little or nothing there to snag. Also, there is less chance of the main snaking out after the reserve deploys (no pressure on the pin as there is nothing out causing drag). True, the pin could still slip out as the container walls relax, but I've played with it and even with an empty reserve tray, a properly sized loop seems to keep the main tray closed.
So, what does that tell us? Well, what I get from it is that there is a lot of freeky stuff that can happen if you're trailing ANYTHING behind you and you put a canopy out. As for cutting away first or second, I'm in favor of getting something over my head ASAP. The ground isn't getting any further away, ya know!
"...and once you had tasted flight, you will walk the earth with your eyes turned skyward.
For there you have been, and there you long to return..."