Why was the F/O high in the first place?
Probably the late flap deployment. The extra bump in lift slowed his descent rate and took him above the glide path. Which, of course, is why "stabilized" includes "configured" - you don't want to be changing the aerodynamics in the last 1000 feet. Unless one really enjoys the extra work load - messing with power and pitch to compensate.
He scanned the altimeter and airspeed at 27 ft?
Point taken - 27 feet is a bit late. My guess is he was trying to figure out what had led the PIC to grab control. "What did I screw up?"
However - with the inertia and slowish response of a medium jet,
someone needs to keep an eye on airspeed, at least. (cf: Asiana/SFO) Single-pilot, you just have to be good at shifting your attention rapidly in and out. Or have a HUD. Or have another pilot monitoring the gauges for you (and communicating about them).
There may be "sky gods" who can see the difference between 138 kts and 130 kts from 100 feet up just by looking out the window. I need to spare a half-second for the gauge now and then to be certain.