The muffed punt was a big mistake... but I don't mind him fielding it. He just misjudged it/used back technique. The "don't catch anything inside the 10 yard line" is old school thought and isn't followed by many today. The cut off is usually closer to the 6 yard line or so. Presley's mistake was in misjudging the ball, and then trying to catch the ball at helmet level rather than at his chest. Arkansas had a bunch of dudes back there. If he let's it go, it likely gets downed inside the 5. Poor execution, not blaming coach on that one.
And yes, you CAN fair catch a kickoff... but it's certainly not mandatory or even an accepted best practice.
I will say that there is one coaching decision that I disagree with, although I can see the logic behind it. With 2 minutes left in the 3rd quarter, we scored a touchdown and went up 20-19. We went for 2 and failed. I've heard it said that in football you should never chase points until you have to. I understand that by making the 2PC you go up 3 and a FG for Arkansas would tie the game rather than win it. But Arkansas was the team that dug themselves in the hole. They missed their PAT, and we had stopped one two point conversion already. We let them off the hook by going for 2.
In the end, Arkansas scored a TD to go up by 5 and went for 2 to get to 27-20. But if we had just kicked the PAT the most they could have been up was 6. IMO it changes the mentality of the game when a team has a 7 point lead rather than 6 or 5. Being down 7, the best thing we could hope for was tying the game late and going to OT, rather than them worrying that we could get a TD and PAT for the win.
I know hindsight is 20/20, but even at the time, I think it was the wrong play. Again, don't chase points til you have to. Take the sure thing. Don't let them off the hook when they have left 2 points off the board with a botched PAT and failed 2PC.