Not in my humble opinion. What are the run times at 110'?
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For dives in the 2+ hour range at 100' on 32% the deco starts to become a problem if you have no oxygen.
One solution is to carry a second deco gas, another is to agree with your buddy that if one of your oxygen regs fail you'll take turns on one bottle.
If you're worried about leaving your oxygen near the entrance and someone stealing them then that's another story... Maybe a non-diving buddy with a shotgun? :)