Obviously, recovery other than a go-around should only be attempted in VMC with positive terrain and runway contact, or in IMC if you are absolutely sure about your position relative to the airfield and terrain. And then only if recovery is possible within the SOP boundaries w.r.t. max. V/S and stabilized approach criteria.
In general, speedbrakes are not very effective anymore once you reduce to intermediate and later to final approach airspeeds, and the use of speedbrakes is often restricted to lower flap settings. Since you want to recover the correct glidepath
and configure for landing
and reduce to final approach speed (be speed and thrust stabilized at least at 1000' or 500' AAL, depending on visual conditions and SOPs) the best strategy is to reduce speed fast (perhaps even flying level for a short while) while configuring to landing flaps and gear (i.e.: high drag configuration) and
then try to recover the glidepath. Being configured on speed, drag and lift at least provides you with a bit more time and more spare mental capability to make a proper assessment whether glidepath recovery from that point onward is still feasible. If it's not, go around and fly another approach.
Now if you do it the other way around, i.e. first regaining the glidepath and then trying to reduce airspeed and configure the aircraft while staying on the glideslope, you increase your chances of being trapped in the "snowballing workload" scenarios described in
this article ("Pressing the Approach", a highly recommended read!). Been there, done that, except for the smoking hole... things might have been different in less favourable conditions.
Another thing: make an explicit continue/go-around decision, inform your collegue about it, and ask if he/she agrees. It is quite possible that you think the situation is under control while your collegue is in fact tunneling.