I would have given it go at making dry land considering the proximity and thinking I had a 30 minute run dry gear box, until it became obvious I wasn't going to make it at which point being forced to ditch. The unknown for me in this thinking is how much time, between when the gear box starts making grinding noises and the power required to maintain RRPM starts going up, do you have to get it from that point to safely landed under control on the water? I dare say a lot less time than I expected.
I'm not a 92 pilot but I am surprised by revelations that it doesn't have a 30 minute run dry gearbox. I am a 76 pilot and I always assumed I had a 30 minute run dry gear box. Obviously I don't. So in light of all this and from here on, where the checklist says land immediately, that's exactly what I'll be doing.