The crew had 75 seconds to react and decide, and we've had 18 months to pick it apart and second guess their actions.
Did you look at the water the FO was talking about? A narrow drainage canal lined with tall pine trees on both sides. I would speculate the water choice could have been worse. They weren't talking about open ocean.
Honestly, deadsticking a large corporate aircraft they did a heck of a job, and nearly pulled it off. Had they not run off the shoulder and got the wingtip into the sound barrier, everyone would have likely walked away. Even as it turned out, they saved the passengers and lost their lives due to a problem they couldn't have predicted or corrected.
For reference, the canal running parallel to the east side of the interstate was the water in question.
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