I think that a second referendum is by now not a terrible idea (but it was made an option by the ecj, whose decision is at the very least highly suspect).
Yet i am not sure if:
A) the uk has time to organise this seriously
B) it is non- suspect to grand it time past the deadline (april 1).
Moreover, i wouldnt rule out a new leave vote, for lots of reasons.
The risk on a new Leave majority in a new referendum is certainly there.
Farrage was already warming up to it, spinning it as the way for a decisive and UK uniting victory for the Leavers.
See and listen to the short vid with a very relaxed Farrage on the outcome of such a new referendum:
https://www.bbc.com/news/av/uk-42654608/nigel-farage-warming-to-second-eu-referendum
And if he loses... a betrayal by the Westminster swamp... he will have lots of ammo for his rightwing (new) political party, happily joining with Bannon and all fringe thinktanks as a cancer in the UK.
If you want to change that Leave risk, the only way I can think off, is to take your chances on the May deal in the Westminster vote showdown (in 1 or 2 rounds), and when that fails, live with the cliff edge no-deal disruption and hold a new referendum on Rejoin, amidst all the chaos end of 2019-begin 2020.
IF that scenario, for a Rejoin referendum, would reduce the chance on a permanent Leave on WTO basis, it must still be weighted against the disruption damage as negative, and the chance on less division among the UK people and less damage from the Westminster betrayal (for 52% of the people) as a positive.
I have still not forgotten the remark by Barnier 1-2 months ago that a referendum as he sees it would be on Rejoin and not on Remain.
The EU is not interested in the UK as partner in the EU if that would after this mess only result in a couple of years in a new Brexit, which is more likely if the UK people are dragged back in a hurry, with many people feeling betrayed by abuse of that referendum.
Is that strong, stable, sustainable, reliable ?
Does the EU really want a heavily divided people joining ?
With too many MP's secretly wanting to Remain, but publicly bowing to the sentiments ?
With a government as representative for the UK in the EU that was not talking in good faith to the EU and its own UK people. A solo tour of a leader without MP support, without the empathy to unite her people behind her... not even bothering to do that.
I would much more prefer fast snap elections (as first step after a negative vote on the May transition deal) where politicians are substantially more honest to their people in the campaign about what they really think is best for their country.
And if they lose their job, because they cannot explain it... so be it.
That is representative democracy.
Representatives are not intended to be only amplifiers and messengers of their people, nor to ignore them. It is a two-way process.
But IDK if there is enough time left to do elections before another parliament vote on the May deal to get that final showdown before March 29.
But snap elections are imo more befitting a representative democracy than escaping to referendums when your parliament is in gridlock of its own doing.