That story is bogus.
Even Bush's political opponent during the campaign refused to have anything to do with it (I don't recall if it was in Bush's first or second run for the Presidency, but that story came out of nowhere, and it was a malicious slander.
The type of aircraft Bush was flying was a two-seater, when time came to bail out, the crew was on it's own. The plane was falling into the sea, there was nothing that Bush could do for the man in the back seat.