The bigger problem is oxygenation, at least in the short term. You can worry about ventilation later.

Lack of oxygen delivery from the blood will kill the brain sooner than the acidosis. Specifically, if this substance actually existed in a working form usable by humans, I could imagine its frequent use in pulseless electrical activity arrest. In PEA arrest, you fix the arrest by fixing the underlying problem; hypoxemia is one of the catch-all problems, and such a technology could permit you to intervene on hypoxemia even before you get airway control.