Yes, the runaway I'm referring to is with excessive blow by. Cutting the fuel lines or killing the injectors won't stop the engine in this case since the fuel is not diesel, but the lube oil vapors or mist being pulled into the engine. I don't have any direct experience in this but I understand that failed bearings on diesel turbochargers can also be a source of engine oil into the intake and resultant runaway. (Not planning on turbocharging my 11 hp Universal M-15 any time soon
).
In my instance, I realized that the source of the "fuel" was the open end of the vent tube. Simply pulling it away from the intake area promptly shut down the engine. At that time I was still learning the idiosyncrasies of measuring oil level in my Universal M-15,. Thought I was losing oil and added waaaay too much oil to the crankcase.
As you said, a shot of CO2 will shut it down. Probably any other type extinguishers will do the same but do damage (including hydrolock) to the engine internals. Also hitting the decompression lever works but can also cause internal engine damage.
Solid blocking on the intake will shut it down with no damage as long as the blocking isn't broken and sucked into the engine. In fact, while working at a Liquefied Natural Gas in Indonesia, my truck, along with all vehicles that entered certain areas, had to be diesel to avoid high voltage sparks setting off any gas leaks. However, in the event of a leak, the gases mixed with air also can provide fuel for runaway. All vehicles were modified with a solenoid operated valve in the inlet. That way even in the event of a of runaway (which I never experienced there) you turned off the "ignition" which killed power to the solenoid, and the intake valve snapped shut. It made a distinctive "snap/clang" every time you turned off the engine.
RW, on your diesel engines is there some variation of a PCV valve in the line to help control pressures and flows? While a similar piping arrangement, the PCV valves and lines on automotive gasoline engines, tapping in downstream of the throttle plate, do work differently than a pressure/flow control valve would in the marine diesels we're talking about. I have to poke around the Torrensen diesel engine forums to see if there's additional information there.