witwiw.
The day/date was Sunday 17 July 1983. The AN aircraft was VH-FNO a F27-400. At one stage FNO with passengers onboard was operated at 300 ft AMSL.
You are correct about certain aspects of the rescue attempt being a shambles such as aircraft being requisitioned that were not suitable.
In hindsight the outcome may have been different if the Aero Commander had turned around and headed for the Tasmanian coast as suggested by ATC.