Reduce power? Dumb idea. You need energy. That comes from high thrust.
If the speed is still increasing convert that to altitude gained. Beware of possible high pitch attitude and subsequent need to lower the nose, perhaps faster than normal.
Retract flaps at S? At low altitude in a w/s event? The instructor who said that should be fired.
Vfe is the planned limit. Approaching that increase pitch for altitude (2nd paragraph).
You can exceed Vfe. Not converting into altitude is as dumb as just watching the overspeed. Momentary can happen. Staying in an overspeed situation isn't flying the a/c correctly.
In a severe overspeed maintaining configuration and diverting with that flap setting might deserve consideration. Didn't a 737 overspeed do a g/a @AMS, retract the flaps, and then couldn't extend the flaps for the subsequent landing? Decisions, decisions...
You can, might, or will, lose altitude. That is the huge unknown. Keeping flying, and avoiding ground contact, are the goals. Not losing altitude is not a goal. It is at the whim of the wx gods at that momentum if a max performing a/c is still descending.
Last edited by misd-agin; 2nd Jan 2016 at 00:43.
Reason: ...flying the a/c correctly. Added severe overspeed paragraph.