Most of the lessons learned from the 1969 incident have been incorporated.
Yes the pilot should/must shut off the fuel in a reasonable time period.
Yes the pilot should use all available means to stopping the aircraft as an overrun is sure as hell to worsen things.
and finally the fire regulations now ensure that a suitable margin against burnthrough of a fire wall between the fuel and critical aircraft structure must be demonstrated to accomodate slow crew action.
However like all crew/aircraft interface problems there are assumptions made in the design of the aircraft.