I admit I don't really "get" the notion of trying to ascend in order to asphyxiate the fire in the back... at some point you're going to have to descend again, and the entire way down I'd be sweating bullets about a reflash. You'd have to spend a considerable amount of time at altitude hoping that a) the fire's out and b) the surrounding Class A combustibles aren't still smoldering, ready to light back off when the oxygen levels rise again.
No thanks. Head for the water while you've still got control.