N100HC AND N33177 COLLIDED DUE TO THE FAILURE OF BOTH PLTS TO MAINTAIN ADEQUATE VISUAL SEPARATION. THE PIC OF N100HC MADE A POOR DECISION BY PERFORMING THE SIMULATED EMERGENCY DESCENT ON A LOW ALT AIRWAY. THE SOUTHERLY DESCENDING MANEUVER WAS PERFORMED BETWEEN 5500 & 3500 FT, WHICH COINCIDED WITH THE WESTERLY CRUISING ALT OF N331FF. THE PILOT OF N33177 WOULD HAVE BEEN HINDERED TO AN UNKNOWN DEGREE BY THE HIGH WING DESIGN OF THE AIRCRAFT FROM PERCEIVING N100HC AS IT DESCENDED AT A CONVERGENCE ANGLE OF ABOUT 90 DEG. THE CREW OF N100HC SAW N331FF JUST PRIOR TO COLLISION & INITIATED AN UNSUCCESSFUL ROLLING PULL-UP EVASIVE MANEUVER. A PORTION OF THE RIGHT WING AND THE EMPENNAGE OF N33177 WERE SEPARATED DURING THE COLLISION RESULTING IN ITS UNCONTROLLED VERTICAL DESCENT. POST CRASH FIRE CONSUMED THE WRECKAGE. DAMAGE TO N100HC LED TO A FORCED LANDING 7 1/2 MILES FROM THE MID AIR COLLISION.