James ... I'll give you the short answer ... absolutely NOT.
Here is the longer answer. Acute Peripheral Arterial Insufficiency is a an acceptable, but frequently abused, diagnosis for HBOT. There is a nice section on that indication in Wound Reference, and I hope you will read it.
The gist of the diagnosis is that there is an acute arterial insufficiency that HBOT will be used as a "bridge" to a surgical procedure to reinstate blood flow to the affected extremity. The fact that a patient has advanced arterial insufficiency and now has an "acute" exacerbation of the chronic condition will never fly with a Medicare investigation into HBOT uses at your facility ...
Unfortunately, the patient smoked him/her self into this problem, and the disease will follow the usual course. The usual course is femoral popliteal bypass, Popliteal to dorsalis pedis bypass, transmetatarsal amputation (that doesn't heal), below the knee amputation, followed by above the knee amputation ... In vascular anesthesia harassment of vascular surgeons ... this is the mantra ... "Fem Pop, Pop Tib, chop, chop, chop."
HBOT, unfortunately has no role.