My economic view, you deal with technical implementation (if possible).
Replace all luna traded on exchanges after first pause yesterday with amount people paid for luna with UST (but with current rate). Something like ust airdrop.
Burn all that luna.
Lower the peg to 0.3 for limited time.
Slowly get funding for ust and get it back to 1:1.
Slowly burn all that exceeded luna until things are back to normal.
Won’t be fast solution but it might make everyone happy in decent time.