I believe this is a situation where you have a calm competent pilot, good response by ATC, and yet through a series of questionable decisions and/or lack of mechanical knowledge we have another tragedy.
Why give up any altitude? Best glide to the approach end and circle down. 900' is very doable.
At one point he reports seeing the water, I'm putting it in close as I can to shore. Why pass on a survivable landing in IMC conditions?
Zero oil pressure, means the engine will seize in a minute or two. Perhaps, it is better to shut it down vs. let it destruct and start a fire. Sounds like that might have happened with the smoke in the cockpit.
Last, when I was in a somewhat similar situation, the ONE thing I wasn't going to do was stall it. I don't care if I hit a house, trees, whatever, I kept telling myself don't stall over and over. I believe this is what happened in the end.
I don't say any of this in a spirit of criticism or disrespect. In those situations it's hard just to keep the rat running on the wheel (mind working). Rather, just some points for discussion, hopefully each of us can consider from the comfort of the ground what we might do in a similar situation that would have made a difference.