What are the characteristics of the aircraft entering into this flat spin?
Is it known to be an unrecoverable condition?
As I elluded to in my first response - at what altitude have you entered this flat spin? Even if you could recover, some aircraft might take thousands of feet to recover making an attempted recovery from an out-of-controlled flight situation at low altitude an impossible situation - leading to an immedaite ejection decision.

I'm assuming that we are talking about a military fighter aircraft since you used the words "punch out" as in ejection, but you could be talking about bailing out or even using a SRS such as on the Cirrus aircraft.

Could you provide more details to your scenario for a better response from the forum members or more accurate poll numbers?

USMCFLYR