I still believe that the most effective way to prevent/minimize large speed exceedances would be the extension of the landing gear at the onset ( although the ability for a crewmember to physically reach the gear lever and the time required for extension outside of the design parameters would have probably negated any benefit in this situation...).
If I recall correctly, the 767 doesn't physically limit gear extension above VLo ( I think the override button is there to allow retraction when air/gnd logic would otherwise prevent it, but, extension would be dependent on aerodynamic loads), and, obviously it is not without risks, such as loss of gear doors and attendant hydraulic failures, and an unknown pitching moment at high speed as the gear extends. The gear itself is robust and unlikely to be damaged and more importantly offers a source of "clean" drag without the attendant concerns of varying lift distribution via speedbrakes, etc.,etc...