From 99 feet the air in your lungs will expand four times the size. that's equivalent to 4 breaths (albeit reduced O2 each time). having done this, i can say that there is no urge to breath, but a very real urge to exhale. you won't even think of inhaling and do not need to go faster than 60ft/min and do not need the air in your BC (which you dump as fast as you dump your lung air/gas). and if you are diving with a buddy he will be there when you hit 15 feet and will lend you a reg for the safety or decompression stop. if not you can then switch regs and take a breath of the O2 you are carrying and figure out what to do from there.
if i had to breath o2 at depth or drown, i'd go for drowning. same for violating decompression. some have been revived after many minutes beyond the 8 they say is brain damage (with no ill effects), but few have managed to violate required deco without very painful death. I am assuming that deco obligation is signficant of course.
