The code in question (ADCIRC) has been used for years to do hurricane storm surge simulations. It's being continuously developed for work in the Gulf of Mexico and already includes contaminant transport effects.
Also, as with all things scientific, "right" is a relative quantity. The better question is whether or not useful predictions can be made that are better than what's been done so far. I think the answer to that is a resounding "Yes!"
Finally, I guarantee that this event will be used by modelers to refine and improve their codes for years to come. Recent hurricances (Ike, Rita, Gustav, etc.) have been used in the very same way.