The crew was reported to "consider" ditching but thought it too dangerous to themselves:
In my opinion (and it is only that) - they had their priorities misplaced.
A news report I read at the time said weather conditions were reported by the Navy as "ideal" for ditching. As you said, you actually want light winds (rather than no wind) because the wind slows down your speed prior to flaring in the water.
Bailing out or ditching most likely would have killed some or all of them.
Again, that should not have been his primary motive. His primary motive should have been to protect a TOP SECRET aircraft, equipment, methods, and documents.
He failed in that regard, as -=SoylentSquirrel=- said:
Our military folks know that death and danger are a pivotal part of their job, and they are indeed expendable when it comes to completing their mission. It's not like being a civilian where if you don't like your job conditions you can just quit and look for a more pleasant environment. There are greater issues at play besides your personal happiness and your life.
In the 50 years that the P-3 has been in service I'm only aware of a handful of successful ditching attempts.
It's easy to criticize the pilot for not sacrificing his life or the life of his crew. We weren't there.