I had a hospital birth with my twins and I did not choose to have an epidural.
The reservations you mentioned echo many of my reasons for opting out. And I am very glad that I was free to push in whatever position felt right (and that I could feel to push, and was in touch with what DID feel right as far as position), which for me was upright. I also was leery of the potential for the cascade of interventions that you describe.
I don't think that having an epidural is the "wrong" choice, but I think you need to examine your reasons for considering it. If you feel swayed toward having a "just in case" epidural, on advice from an OB, examine the reason behind that, too. Is it "just in case" an internal version is needed for baby B? Or in case of a breech extraction? Or in case of an emergency c-section?
I do believe, and perhaps moms of multiples here can tell you from experience, that having an epidural in place "just in case a c-section becomes necessary" (so you won't have to have general anesthesia) won't always prevent you from ending up with general anesthesia for a crash section, anyway.
If that's your biggest reason for considering it, why not find out about the feasibility of an anesthesiologist on hand prepared for a quick spinal prep in case a c-section is needed, and having a spinal if needed rather than depending on an epidural that would need to be "turned up" for a c-section, anyway.
When I started to have this conversation with my doctor, I was trying to get a sense of the time available (for the spinal prep) in an urgent situation, and when it just wouldn't be possible and general anesthesia would be required because of the urgency & lack of time. (How much time would be too little?) She pretty much brushed aside the possibility of general anesthesia, saying that they almost never needed to go that route, that there almost always was time for a spinal at the time the decision for surgery was made.
I guess there are emergency situations that wouldn't allow for that larger window of time, but the OB wasn't trying to leverage me in any direction out of fear that I'd be stuck with being knocked out if I didn't have some kind of "just in case" pain relief in place.
I think if the epidural is desirable to you for other reasons, ability to cope or whatever (I know it sounds like it's not, but I'm just saying), then that is what you need to weigh. But if you are considering it "just in case," then weigh very carefully how likely it seems that it would serve in that way, and how you might feel about having had it if in the end it didn't prevent the main thing that had prompted you to get it. (i.e., having general anesthesia for an emergency c-section) And also how you might feel if having the epidural may even have led to the circumstances that made the c-section necessary (that of course is harder to know for sure, but you might have thoughts/feelings/suspicions about it after the fact.)
I know general anesthesia isn't the only "just in case" reason.
For what it's worth, I had a breech twin B and I was prepared for a breech extraction if necessary (I was hoping baby B would turn after his brother was born, and I'd been visualizing it and was calmly giving him mental/verbal instructions and really concentrating on the visualization as I moved from upright into a position to allow the OB to check the remaining baby.) I do not know exactly what happened next....it was almost like he was a team player and had turned or was turning, but the doctor got a look and definitely may have done something. I don't remember feeling anything, but just hearing him shout that we had a cephalic presentation and that I could labor in any position I wanted (I got back upright.)
I later asked him (he wasn't my doctor, he was the on-call OB and I'd never met him before) and he said he'd seen a foot and turned the baby -- but I have wondered how much he really had to do.
At any rate, there was not anything in that experience for which I needed an epidural. (I did do the HypnoBabies home course, though!)
Good luck to you in your decision. There have been some posts on this issue before; you might search for some of the past threads if you want to take a look at those.