NMAC AVOIDED DURING EVASIVE ACTION TURN CLB WITH OPPOSITE DIRECTION ARR DEP TFC. SAME RWY; APCH TO OCCUPIED RWY. DOWNGRADED TO A POTENTIAL CONFLICT.

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I WAS WORKING THE MONITOR A POS. THE SUPVR TOLD ME THAT THE E120 WAS INBOUND WITH A MEDICAL EMER AND THAT HE WOULD BE LNDG OPPOSITE DIRECTION. ATL WAS LNDG E ON RWYS 8L AND 9R. THE E120 WAS SUPPOSED TO LAND ON RWY 27R; OPPOSITE DIRECTION TO THE ARR FLOW ON A PARALLEL RWY ON THE S COMPLEX. I OBSERVED THE E120 COMING ON MY SCOPE APPROX 4 MI E OF ATL DSNDING OUT OF 3500 FT WITH A GND SPD OF 260 KTS. THE LCL CTLR CLRED THE E120 TO LAND ON RWY 27R AND ISSUED TFC LNDG ON RWY 9R (OPPOSITE DIRECTION PARALLEL RWY). THE E120 ACKNOWLEDGED THE LNDG CLRNC. LCL CTL ISSUED ADDITIONAL TFC AS A DEP OFF THE N COMPLEX; RWY 8R; THAT WOULD BE TURNING TO THE N. I THEN OBSERVED THE E120 OVERSHOOT THE RWY 27R FINAL. I IMMEDIATELY COORDINATED WITH THE LCL CTLR TO ADVISE HIM OF THE OVERSHOOT SIT. THE LCL CTLR HAD SEEN THE SIT JUST AS I WAS CALLING HIM AND ISSUED A 'HARD L TURN BACK TO RWY 27R' AND RECLRED THE E120 TO LAND ON RWY 27R. I NEVER OBSERVED THE ACFT TURNING BACK TO THE S. IT APPEARED TO ME THAT THE ACFT CONTINUED TO HEAD FOR RWY 26R ON THE N COMPLEX. I KNEW THE DEP SHOULD BE ROLLING BY NOW; AND THE E120 WAS RIGHT IN HIS FACE! I THOUGHT THEY WERE GOING TO HIT! THE NEXT THING I SAW WAS THE DEP TAG UP LESS THAN 1/2 MI IN FRONT OF THE E120; LESS THAN 500 FT ABOVE THE E120. A LCL CTL SAID THAT THE E120 HAD OVERSHOT BOTH RWY COMPLEXES AND WAS OBSERVED IN A 60 DEG BANK; GEAR UP; TRYING TO GET BACK TO THE S COMPLEX. THE E120 THEN ROLLED OUT AND FLEW DOWN RWY 26L. THE LCL CTLR TOLD THE PLT THAT HIS GEAR WAS NOT DOWN. THE E120 THEN PITCHED HIS NOSE UP; LOWERED HIS FLAPS AND DROPPED THE GEAR. AT THIS POINT IT WAS TOO LATE TO MAKE A SAFE LNDG AND A GAR WAS ISSUED. THE PLT CLBED WBOUND THEN WAS INSTRUCTED TO TURN S OVER THE TERMINAL FOR L TFC TO RWY 27R. HE ENTERED THE PATTERN AND LANDED ON RWY 27R. THIS INCIDENT SCARED ME WORSE THAN ANYTHING I HAVE EVER SEEN. IT SHOULD; IN MY OPINION; BE CLASSIFIED AS A NMAC. THE E120 WAS TOO HIGH AND TOO FAST TO TRY AND SALVAGE THIS APCH. WHEN HE BROKE OUT OF THE CLOUDS; I FEEL THAT THE PLT SHOULD HAVE REQUESTED TO CIRCLE S OF THE ARPT TO RWY 9L FOR LNDG. ADDITIONALLY; IN RETROSPECT; THE TWR SHOULD NOT HAVE LAUNCHED THE DEP (ALTHOUGH IT WAS LEGAL TO DO SO). BUT I DO NOT THINK THAT THE TWR OR THE APCH CTL ARE IN ANY WAY AT FAULT IN THIS SIT. THEY TRIED TO GET THE AIRPLANE DOWN AS EXPEDITIOUSLY AS POSSIBLE. RWY 27R WAS NOT ASSIGNED; IT WAS OFFERED; AND THE PLT REQUESTED IT. I FEEL THIS INCIDENT WAS CAUSED BY THE PLT BEING WAY BEHIND THE AIRPLANE. I ALSO FEEL SORRY FOR THE PLT BECAUSE I KNOW HE WAS TRYING THE BEST HE COULD TO GET THE PERSON IN DISTRESS ON THE GND ASAP. HOWEVER; AS IT TURNED OUT; THE OPPOSITE DIRECTION ARR WAS NOT SUCCESSFUL; AND IT WOULD HAVE BEEN SAFER AND A BETTER OPERATING PRACTICE TO STAY WITH THE FLOW AND JUST GIVEN HIM A SHORT APCH TO RWY 9L.