Well done mate, saving someone's life is no small deal. Immerlustig ran a safety workshop last month in Dahab, with realistic simulated blackouts at varying depths/situations and the basic message which we came away with was that efficiency is much more important than speed for speed's sake.
My inclusion to your points above would be: have a back-up plan, just like those things DM trainees copy off each other. For example, what happens if the guy had not come around? If he had clearly inhaled water? How long do you keep doing the tap/talk/blow? Do the lifeguards take over? How far to the nearest hospital? Defibrillator? How do you get someone out of a pool? I think that anyone would find it extremely hard to make accurate decisions regarding these questions on the spot in a stressful situation. Having a close to hand copy of an emergency plan is of help to everyone in such a case, partly because it will help decrease the chances of a fatality, but also because should someone actually die, the people around them at the time will be left with a greater peace of mind, knowing that they did the proper things and that they were not responsible.
In rock climbing, spotting/belaying someone is a thing you take very seriously and that you have every right to refuse to do because it carries the biggest level of responsibility possible. Someone who takes off for a dive on their own and who then pushes themselves to a blackout in a dynamic (where you can bail at any given time) is comparable in my mind to a rock climber going soloing. Such a person should be seriously questioned as to their actions and place in a group.
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