Eric, I agree here with you that branch just on the lower edge of the cut could be beneficial just as you describe.I have found that growth DIRECTLY below a big scar can help a little... If you have a big cut with a branch just above AND just below it, you get a little more swelling at the bottom of the scar and the movement of sap from the lower branch to the top seems to help cover the hole a little faster. Just my experience...
It looks like it's not died back much. You could do a diagonal cut like Brian said, but fold the existing living cambium and bark over the wound and hold it there where it will hopefully heal over much more quickly. This requires some carving and delicate surgery.
http://ofbonsai.org/techniques/styles-and-styling/the-van-meer-technique
Peter, have you ever done it yourself with success? I'm just curious if it works, since I have not seen any follow up pictures of the process.