I think Bratface did a great job! I think some are getting too deeply into the specifics. If someone has a wild-eyed look about them and shows a SPG that is close to the red I'd do just what Bratface did (hopefully) and get them shallower, keep them calm and figure out what was going on.
I can't tell if you (Bratface) know for sure that he had no air (to inflate) or just assumed that to be the case. If it was the case I'd probably inflate it for them if they didn't/couldn't.
Someone with more experience might not consider being at 38fsw with 500 psi to be an emergency but a new diver with bugged out eyes
is an emergency no matter what the other facts are
This was really an enjoyable read (for a change) since everything was handled correctly IMO and since everything turned out well.