If the Japanese don't do it now, they are in for a protracted siege for several more months. Submarine runs (including the Nautilus and Argonaut) will keep a trickle of supplies coming in, and wounded going out - priority to those who are either never going to return to the fight or those who would but with long recovery times - as well as any remaining personnel who can't be captured. I wonder if it would be worthwhile to try and get some folks out to beyond the perimeter to work with the Filipino stay behind forces. In theory the Japanese could continue artillery and air raid harassment occasional infantry attacks and eventually the Americans would run out of ammo, food, medical supplies. Then, of course, the harbor forts.
The problem for the Japanese is with the personnel and equipment losses they have had, to do anything but a "siege" is really severely robbing Peter to pay Paul. Additionally, until Bataan and the forts are captured, Manila Bay is useless. The end is inevitable, but the "Battling Bastards of Bataan" have already made the japanese pay more than they can afford in time, personnel, and equipment. If they can ride out this attack...