AMOT, Barber Coleman, Rig Saver... seveal manufacturers make positive ASO's for diesel engines.
The easiest to install is an inline into the air stream with a 12v actuator to trip it off of a momentary switch. Basically push a button, the actuator releases the spring loaded shaft and it slams closed.
As for the CO2 idea, yes, it WILL work, but remember, a diesel will continue to run at less than 1:1 AFR, in other words, while you can kill a gas engine by taking most of the air away for a few seconds, a DIESEL will have to be completely WITHOUT oxygen until the crankshaft comes to a complete stop. SO make sure you aim well with the CO2, and make sure you have enough..
4Stroke engine WILL run away.... I've been there and seen it happen... I've had 3000HP engines try to get away from me.. Good thing the engine had Barber-Colemans on it... Had a 1000 hp. wood
chipper engine that did get away with no ASO's and didn't stop turning until it threw the valvetrain apart.
A cold diesel at low idle usually won't run away on a little oil, but if the engine is warmed up or has some speed on it and gets a snort of warm/hot dirty oil.... she's heading for the moon!!!. Shutting of the air supply is the ONLY way to effectively kill a runaway.
On smaller engines with no ASO's... If I've done major work concerning the fuel system, I pull the intake plumbing and keep my clipboard handy..