(Damn, I hope I am not talking to an FSX pilot!)
No. You are not. I do have a bit of a background in heavy jet operations, including the B747.
I can assure you that that crew was doing all they could to save their airplane and their lives. And in the situation they found themselves in, one of the things they were likely not doing was reducing engine thrust at 1200' AGL as they stalled.
You and others here can spout all of the nice aerodynamic theory and quote all of the checklists you like, but you obviously have zero real world experience, and you simply do not know what you are talking about.
Low altitude stall recovery doen not include reducing engine thrust. Period.