Hmmm...IIRC, they did have the Atlantis getting preped up for STS 114 at the time... could speed up Atlantis for a launch..might have a few days margin to extract crew....
NASA says that if Columbia could be extended to 30 days of flight (With its EDO pallet, not impossible. Rationing of power would be necessary, but they have experience with that), and Atlantis could launch on February 10, they'd have a 5 day window of opportunity. This would have been possible without skipping safety checks, according to NASA.
@Cook: Sure, the kevlar might have helped, but how much weight would it have added to the Shuttle?