SASless said in an earlier post:
"My thought, while sitting here with a Dew in my hand, would be to maintain collective....chop throttles....hope the rotation at least slowed....get the old girl clear of the ship and over the water"
ISTM from the video that there was some sort of uncommanded yaw, as a result of a possible loss of tail rotor drive, or tail rotor authority. Chopping the throttles would have been nice, but I'd say that almost the only move available to the pilot flying in the time that he had available was to dump the collective and ride it down.
Accepting that if the pilot not flying had his hands on the speed selects and was able to chop them immediately, allowing no delay in the cockpit for making such a decision, SASless' idea could work. I suspect that it would be a long shot, however, compared to an immediate lever dump by the pilot.
The approach procedure then becomes relevant, since a hover alongside prior to a move over the deck, gives the opportunity to make a semi controlled ditching, as opposed to the crash and burn on deck shown in the video.