Lee, It depends on what you mean by "hybrid" annuity. If you are talking about a fixed index annuity, which is a hybrid of a fixed and a variable annuity, then I'm probably all for it. if you are concerned about income in retirement then rolling out a portion of your 401(k) into a fixed index annuity could be a great idea. Such an annuity, if you got the right riders, would give you both guaranteed growth before retirement and guaranteed income for life during retirement. It can be a great tool for locking in a portion of the income you will need in the future. Doing a rollover rather than a withdrawal would avoid any tax issues.
Regarding the timing of such a move, if your 401(k) just lost a bunch of money during the last 6 weeks, then I might be inclined to let it recover somewhat before making the move.
And, of course, any move like this should first be discussed fully with a qualified financial planner who is familiar with your entire situation, risk tolerance, time horizon, other assets, etc.