Ok, so as I see it there are a couple of kinds of runaway, simplest being that the engine just won't kill with the fuel shutoff, and idles forever, so you put it in 2nd or 3rd or 4th and let the clutch out gently and it snubs. EZ.
More dangerous runaway is IP stuck at high throttle on startup or thereafter, and the shutoff has to be pulled before it ventilates it's crankcase. Once you yank the shutoff, it's OK.
Worst case is that the turbo seal on the intake side lets go and oil pressure starts sending crankcase oil into the intake air... This mean no diesel is needed to keep the engine running, and you're going to get big RPM out of it quickly if you have decent oil pressure... So the question becomes where are you when the seal lets go??? If you're standing on the pass side, closest to the air intake, rip the shroom off and use it or somethign else to cover the intake. Even if it still gets air, it'll keep the RPM's down until you or someone else can climb in and put it in a higher gear and get the clutch out to finish it off.... (Not necessary to "pop" the clutch, just let it out slowly...) Or if you're on the driver's side, or in the cab when it lets go, get it in a higher gear and get the clutch out... If you were moving, go for the brakes in like 4th gear. They'll kill it easily.
I don't really see the need for a fancy solution, just the ability for you to react very quickly with whatever you have on hand... ??? I suppose if they ran away every 10th start a valve would be nice, but chances are good that it'll never run away, so why spend so much time worrying about it... if you're there, it's easy to deal with. If you're not, that throttle valve is useless anyway.
Just my $.02. Well, $.05 perhaps....
C