It's unlikely that a mere 4 ton weight can stabilise 100 tons of structural steel falling through a dynamic atmosphere.

If you don't drop it vertically, through still air, it will begin to tumble and twist. I would imagine that the pipe would twist and buckle like a wet paper straw, leading Buddha to some minor turbulence on his way down (No smoking, do up your seatbelts).

If it does fall vertically, the CD will be pretty good and the ensemble will acheive a spectactular velocity before impact with the ocean after 35 seconds of free-fall (Buddha better have a good grip on his cigarette). In the limit of negligible friction, the impact velocity will be ~345 m/sec (773 mph) i.e. around Mach1. The dynamic pressure at this velocity is around 0.7bar, and since the disk can withstand a bursting pressure of ~5bar it will remain intact until impact.

On impact with the water, a supersonic shock wave train of compressed air will travel up the tube about as fast (or slightly faster) than the tube and its enclosed air are falling. About 1 second after impact, with the tube about 50m proud of the water surface, the disk will burst under a high pressure shock and fragment into confetti-sized pieces of shrapnel. At this point Buddha will become rather red, damp, and disrupted. Parts of him will be thrown sideways into the sea, and other parts will form a dispersing plume which will extinguish his cigarette, if he lit one despite the safety message.

There will also be a smaller shock transmitted through the steel tube on impact. This shock wave will travel at ~5,000m/sec and will arrive at Buddha a mere 0.08 seconds after impact, jarring the cigarette from his mouth and probably breaking his neck and spine.

The pipe itself will also rupture and buckle during the ~ 1 second of interaction with the water. This leads to more complex behaviour than can be untuited directly. However, reference to film of oil-well blowouts should act as a guide for the behaviour of thin-wall large-aspect ratio pipe under extreme dynamic acceleration and interaction with dense surfaces.

In conclusion, Buddha does become wet, but largely from his own body fluids, and most of him eventually hists the water, except those parts rendered into atomised spray that drift in the air for days to weeks before making landfall. Also, he better puff hard to consume a cigerette in 35 seconds, especially starting at unbreathably low air pressure at 40,000' !