Strake,
I have to agree with FFF, in that, my opinion has changed from reading the responses here.
First thoughs were.....what the Fu...!!! I'd probably have orbited too...but in the panic of having to make a quick decision, i would probably had done it on the end of base leg, where I would avoid someone on a staight in approach.
Congrats for having the presence of mind to quickly think of another option, and do it on the dead side (if it was indead dead!).
But having read the other responses I think correct action would have been to turn final and announance, followed by a go-around.
I guess that's what they mean by learing from someone else's mistakes!!
Thanks for posting it here.