I too have been following this thread and agree that Chad took the risk of a 200 foot bounce dive and paid the ultimate price for this decision. He had enough experience and ought to have known, and probably did know, the risks he was taking - even if he had an instructor that sounds like he shouldn't be let anywhere near new divers.
We all take risks, some more than others - sometimes they don't work out - so far everyone reading this hasn't paid the ultimate price for their risk taking. I know that in my case at that age I did some things that were considerably more risky than a 200 foot bounce dive and survived. Of course this was just good luck, but I can't imagine living and not taken those risks. My life would have been much more boring as a result.
However, as I understand it, he was part of a group that included at least two divers who had no business even contemplating a 200 foot bounce dive - as I also understand it he was buddied with one of them. I have a lot of trouble with this, the instructor should have known better but he sounds like an irresponsible idiot, Chad should, and probably did, know better and doesn't come across as an idiot from what I have read, just someone young, invulnerable and reckless. Was the knowledge that he was leading a beginner into an extremely dangerous situation part of the reason he went back down to rescue the other diver - we will never know, but I hope so, and frankly I suspect so. "I got you into this, I'm going to do my best to get you out." could very well have been going through his mind and may be the reason he went down for the second diver knowing he was likely to go OOA on the way up. Speculation - of course.
Taking the beginner down in the first place - not heroic at all, pretty stupid actually.
Rescuing two divers knowing the risks - sounds pretty heroic to me notwithstanding the earlier stupid decision(s).