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”In the procedure, thick, viscous fluid twice the density of water will be pumped at a high rate into the site of the leak to stop the flow so that it can then be sealed with cement, Suttles said.”

This is a huge mistake. This is what I do for a living fixing leaks in swimming pools while swimming underwater.

The materials will not hold and make it worse for the next time they try something. The balloon will not work because the soils will not hold the balloon.

First thing they need to do is stop the flow of oil. Otherwise no patch in the world is going to fix it.

In my business I usually let the water flow out until there is an equal pressure on the outside as on the inside. It is even easer to fix if the water is flowing into the crack while underwater. At that point just about any kind of patch will work.

In this case that cannot practically be done so the pressure needs to be equal using another method.
This also means the soils underwater at the top lair of the ocean floor will not hold any patch you place on it.

First you need to take drill or push a pipe deep down into the crack. This thing here will work fine and it will be easy to attach to any underwater sub: obviously you will need water pressure that will reach a mile down.
http://www.youtube.com/watch?v=FbGUV7GQpMM

I was thinking using a large extremely heavy bell shaped tank that drops over the leak that digs itself deep into the ocean floor. In the center of the bell a tube/pipe that fits right on top of the leak and witch you have already drilled. The bell will only hold for a very short time before it starts leaking out the rim bottom of the bell.

But there will be a window of opportunity to poor down the tube/pipe I would suggest a wet mixture of thorite or it is often called water plug. Just poor in the wet mixture of thorite as fast as possible down the drilled pipe line. Thorite will dry underwater within minutes so you must work fast or you have to start all over. When finished I would just fill the bell with the thorite and leave it down there.

The balloon will not work because the soils will not hold the balloon.

If it's INSIDE the pipe?

The effort will be made using the bop as an entry point below where the fallen riser connects. The weight of the drill mud will eventually overcome the pressure and can then be capped with some unnamed type of cement/concrete

First you need to take drill or push a pipe deep down into the crack

There is no 'crack' to drill into. It is leaking from holes in the pipe.