New possible analysis, in light of this information:
1. the dive was completed, he signaled it was time to end it
2. they ascended (albeit, not within contact range)
3. he surfaced first, failed to become positively bouyant, and suffered an attack of some sort (cardiac, pulmonary or otherwise), and sank back down
4. she surfaced and he wasn't there, proceeded to look for him
5. found him within 2 minutes of (3)
6. resurfaced and proceeded to pull him to safety.
Would this accident have been preventable with better buddy communication? Who knows -- it depends on what sort of attack happened in (3).
Would he have received treatment sooner with better buddy communication? I think that's an unequivocal yes.
Now, not to point blame here, but even if the only difference was 2-3 minutes, the statistics show that every second counts when it comes to the possibility of successfully reviving a patient. If it was a pulmonary attack, she would have been able to administer mouth-to-mouth resucitation even before making it to shore, decreasing that time frame even further.
Cheers,