What I basically described is a climbing technique used for getting your partner out of a hole. I did wonder why "you" have 40' of rope but no basic climbing kit. (harness, couple of micro ascenders etc).
It needs to be born in mind that moving him may kill him. Doing nothing will kill him. But that may well prove to be a case of tough titty as you have to be absolutly certain that you can escape the situation. Better he dies than you both die.

I was once told by a chap who was training me in the basics of mountain survival that if your being dragged over the edge by your best mate, you had better be prepared to cut the bloody rope. It's called the law of the mountain.