One of my hammers hasn't been happy for a few weeks and I noticed today that a small part of it is turning to "jelly" and just starting to dying off. Any change of saving it?
Good chance if you stay on it. Try the revive like suggested and make sure to keep the brown jelly blown off, turkey Baster or wave it clean with your hand as often as you can. I've never lost one completely to this crud as of yet.
If you see any brown jelly ie. necrotic tissue, you can use airline tubing to siphon off the dead/necrotic tissue and giving the coral a bath with an Iodine solution like TM Pro Coral Cure or similar product is likely the best way to treat the problem as the iodine will act as an antiseptic and hopefully prevent the spread of the tissue necrosis.