For me, the most convenient way to get out of that position is to do a “ripcord”
after doing the slack you will have a double string going to your Throw hand index. You basically want to push your NTH index into that double string to pass the yoyo onto that double string. Repeat that pass one more time, then drop the loop of your throw hand index. then you will be in a trapeeze.
the ripcord is usually taught from the split bottom mount. the ripchord from the Trap-bro-slack is basically my favorite trick, more or less.