Dear jafo:
a good case. after quick auscultation to exclude bronchospasm, I suggest to give sux and continue to  ventilate the patient (1 min). Then try to intubate the patient.
In very emergency situation, I'll chose to intubate the patient directly using larygoscopy. If failed, using LMA.
Using Oropharyngeal Airways or Nasopharyngeal Airways together with mask to ventilate the patient, it may solve the problem.