See where ya coming from Jer but if the dog is in distress then ya cant just wait till the hook dissolved.
Actually the more I think about it the more this seems like an urban legend,
I can understand not wanting to wait until the hook dissolves, but we're talking about someone's pet and a professional vet here, the vet would surely realise, hang on dogs eat all sorts of crap including bits of metal and it breaks down, yeah the dog might be a bit poorly for a few days but the barb of the hook will be gone within a day (stomach acids are quite nasty!) and the rest of the hook will break down by the end of the week if it hadn't already passed through it's system.
Also, who cuts off their hook with bait still on? I don't believe I've ever even heard of anyone doing that, not saying it doesn't happen but is it really so common?
I'm also thinking of Ian's dog which went in his fishing bag and gorged itself on halibut pellets which were on hair rigs (including hooks, bit line and swivels) it devoured several as I recall to little to no ill effect.
I'm defo in the 'it's a urban legend' camp whistle