I think that *initially*, staying put is the best strategy. While it may be "difficult to find a lone person stranded in a remote area", it is even more difficult to find one who won't stay in one spot.
I disagree that "staying put means your only hope is waiting for the rescue team", if by that you meant putting your feet up and twiddling your thumbs until the cavalry shows up (which of course you didn't
. You can build a signal fire, tramp out "HELP" in the snow, read your survival manual, and do lots of things to increase your visibility. Staying put does not mean giving up responsibility for your own rescue.
I also believe that "staying put" does not necessarily mean you have to stop dead right where you are and not move. Obviously, if you "knows a better 'ole" you should go to it. The important thing is not to move just for the sake of moving, without a specific plan in mind.
After a certain period of time - I would estimate a week, because if you haven't been found by that time, there's a good chance the search will be scaled back - you simply have to move. When you do, leave as clear a trail as possible to follow, so that if searchers do find your original shelter, they won't have to guess at where you are now. (It will also allow you to backtrack more easily if you find you've gotten "more lost".)
I wonder how much of this story was the newspaper trying to make it "exciting"? Much of the story doesn't make sense. For one thing, as another poster pointed out, he apparently planned to spend at least one night out of doors, so how could the first night have been the worst? (Unless his idea of an overnight trip meant returning to his pickup truck.) For another, if it was a 2-day trip, the searchers wouldn't have been alerted until the end of the second day, so what did the deputy sherriff mean when he said "On day four, hopes begin to drain off"? My understanding is that hunters have perhaps the highest survival rate of lost persons, and very often they do self-rescue. I would expect a search and rescue spokesperson to be aware of that and not lose hope after only two days of searching.