I'll have to make up some assumptions to fill in the blanks on the dive background, and then gotta make up some more assumptions for when you say "you try everything to slow down but can't" because that of wouldn't be the case. (ie: if I tried "everything" to slow down that would likely include finding a solution to the actual problem)
I'll fill in these assumptions based on the configuration I was diving at dive #37 - which for me was also about 3mo after getting certified. And in fact for kicks I pulled my log-book and as luck would have it my dive 37 (July 29th, 2008) was an 80' deep wreck (San Saba off of Long Beach Island NJ) so I will base the following assumptions about the dive itself on what I was actually doing on that day, plus throw in those assumptions needed to actually put us into the problematic situation:
Assumption 1: we are both properly weighted to accommodate holding a 15' stop depth with near empty tanks
Assumption 2: we're diving a no-deco plan, including repetitive dive situation
Assumption 3: we're diving 36% EANX, as the best possible "easily commercially available" mix for an 80' dive.
Assumption 4: we're both wearing drysuits
Assumption 5: we're diving steel 119's HP
Assumption 6: for worst case scenario assume the free flow happens at the furthest point of the dive just as we were about to turn to head back to the anchor line due to gas supply constraints, so we have about 1000psi left when he free-flows
Assumption 7: once exchanging the OK signal, and before officially thumbing the dive, I shut his valve down for a moment or two and turned it back on to see if the free flow resolved; let's assume it hadn't.
Assumption 8: my buddy was not diving with his 19cf pony, which he would have been able to switch to once we shut his main tank off and before we continued along the wreck to the anchor line. (Need to assume this in order to "get in trouble" per the situation we're discussing.)
Assumption 9: I was not slinging the 40cf bottle that I actually was slinging on my real dive #37 to 80ft, so I couldn't hand it off to my buddy once we shut his main tank down before continuing along the wreck back to the anchor line.
Assumption 10: We didn't turn his tank back on so he could go back to breathing off his free-flowing reg as we began to head back to the anchor line, using as much of his gas as was available prior to switching over to my octo when breathing off the freeflow was no longer possible. (another "this would never happen" assumption, but we'll make it here)
Assumption 11: At some point on our way back to anchor line, let's assume that someone's buoyancy went to hell and we started to ascend away from the line. (Not sure why that would happen, but as an uncontrolled ascent is the basis of the incident, let's assume it did.)
As to what I would do once we started ascending too fast, we would have the following "tried everything" options available but as Lynne and others pointed out you wouldn't have much time for any/all of them:
1.) Fully vent my BCD
2.) Fully vent buddy's BCD (we would/should have done this before beginning ascent, but assume we didn't)
3.) Vent my drysuit; assuming we're really moving by now I'd fully/quickly vent my suit at neck seal
4.) My buddy would have fully vented his drysuit, if not I'd reach his valve to vent for him, or open his neck seal for him.
5.) We'd be flaring out during this to slow us down.
5.) At this point it might occur that one of us has a stuck inflator on their BCD; we know it's not my buddy since his tank's off at this point, so I'd disconnect my inflator and dump again if needed. Would also just go ahead and disconnect my DS inflator as a precaution
At this point, I truly can't imagine that "nothing worked" to slow/stop our ascent. But since that's the scenario you've laid out let's assume that one or both of us are under-weighted. Possible my buddy is, as a weight check would have him weighted perfectly with 500PSI left, but maybe with the freeflow he's now bone dry. Plus one or both of us is overbreathing making neutral buoyancy much more difficult.
So worse case scenario we're ascending from 80ft to the surface in 24 seconds. Of course we are both exhaling to avoid lung over expansion.
So we now come to the basis of the "what would I do" scenario? Well, I would not jetison my buddy by force in order to avoid being "the second victim" because the fact is that the likelihood of either of us being "the first victim" are very small if we stay together. Again, looking at the facts/assumptions laid out above we were about 25 or so minutes into a dive with a 55min NDL. We were diving within recreational limits, so we should be able to make a direct ascent to the surface at any time. Further, given the EAD for 36% we're effectively ascending from 60ft. So chances of a DCS hit while ascending from a 25 minute dive to 60ft in 24 seconds are infinitesimally small. Make it worse case that we were diving air. We're still "only" doing a direct ascent from 80ft after a 25min dive. While not ideal, this is still "officially ok" from a recreational NDL dive profile.
On the other hand, if I jettison him during the ascent in my attempt to avoid being the second victim, I will quite likely be CREATING the first victim! With no breathable gas my buddy could of course drown right then and there. (If he didn't come after me for my reg at that point.) If I did manage to jettison him and he didn't drown on the spot, he might panic and hold his breath to the surface where he'd be looking at a for-certain LOI coming up from 80ft. But if he didn't and made it to the surface, he wouldn't have gas in his tank to inflate his BCD and/or suit, and in his panicked state might forget to orally inflate and/or ditch weights and then drown at the surface. Or perhaps when I get to the surface he comes after me in his panicked state.
A lot of analysis for a "simple" situation, huh? The most interesting part to me is the very large - and phenomenally wide ranging - set of assumptions that are required in order to GET INTO the situation in such a way that it is anything more than a mere nuisance. Does this sort of thing happen anyway? Absolutely. Is this sort of thing almost completely avoidable with even the most rudimentary training and what would be considered the minimally acceptable gear configuration for the dive in question? Absolutely.
Ironic aside: my dive #37 to the San Saba was a learning experience for me as well. My buddy and I decided we would naturally navigate the wreck looking for lobster instead of running a line. Well, the San Saba is pretty busted up and the visibility while not horrible was typical 20" or so. We got turned around and couldn't find the anchor line. We looked until we were about out of NDL/gas limits and then decided to do a free ascent. We stayed in touch contact during ascent and were able to complete a safety stop. Fortunately there was no current running that day, so we surfaced a mere 50yds away from the boat. Surface conditions were pretty flat too. So other than a pain in the @ss surface swim and a semi-serious ribbing from the captain about not doing free ascents we were none the worse for wear. But suppose there was even a modest current? Suppose there was a not uncommon 4ft-6ft chop at the surface? We could have been hundreds of yards off the boat after our stop, with a "not exactly guaranteed" swim ahead of us. If we had a reel we could have obviously used it to navigate the wreck and get right back to the up-line. Even if we didn't do that we would have had the reel with us at the point we realized we needed to do an ascent off the anchor, and then shot a bag, tied it into the wreck, and ascended on the line. This would have notified the surface of a potential problem as well as giving us a line to hang onto in the current. That was the last ocean dive I did without a reel or spool - whether I planned to use them or not.