There's a handle on the left side of the centre console.
It's called the speedbrake.
Now would be a good time to use it
Well, several options come to mind...
1) Ask for extra trackmiles from ATC - be it a wider base leg or an orbit
2) Leave the speedbrake out even when you drop to 250 @ 100
3) Take the gear early - it will extend at 270 KIAS, so no reason not to take it when you're back to 250
4) Drop back on the speed and configure early - with flaps 40 & approach idle it will come down at an impressive angle. But remember to tell ATC what you're doing - the get very alarmed when they see your GS drop back to 150 and like to know that sort of stuff in advance for separation purposes. And if they don't know what you're doing, they might send you around again to get the height off - they generally don't know what angles a 73 is capable of achieving.
5) The best option - you should have seen this one way earlier than 310 @110 and corrected while you had the speed/altitude-buffer to do so. With only 1000 ft to lose 60 kts, you've pretty much painted yourself into a corner.
Rule of thumb? 3 NM per 1000 ft. + 10 NM for deceleration. Add one NM to this for each 10 KT of tailwind and subtract similarily for a headwind. If you're on a CL / non-winglet, you can use 5 NM for the decel.
Regarding F1 - it depends on the headwind on the approach and if ATC allows you to fly a CDA or not. If on a CDA, it should generally be around the 10 NM-point. If in level flight, and a 40 kt headwind, you can go to F5 with GS interception and take the gear+F15 at roughly 4 NM.
Hope this helps,
Empty.