Is it possible to avoid tax penalties on a 401k loan default by opening an IRA for the same amount as the outstanding loan balance?

Got caught in a lay-off, transferred the 401k funds to my new employer.  Got advice from an IRA guy that taking a new loan on the 401k and opening an IRA in the same amount of the loan will solve the problem.  Is this likely to work or am I better off paying off the original 401k loan?

No more loans after this.
Chris.