Very good question, asdf60! Approaching problems in different ways can certainly aid in understanding mechanics and what goes on
behind the curtains of these rather interesting laws, like the law of conservation of angular momentum.
Obviously, mezarashi's and ZapperZ's replies have provided no insight what-so-ever. So I'd like to propose a solution using Lagrangian mechanics (I hope you are familiar with Lagrangian formalism).
The whole essence of Lagrangian mechanics is to write the Lagrangian of the system, and then use the Euler-Lagrange equation to the extract appropriate equations of motion. The Lagrangian of the system is defined by the difference between the total kinetic energy and the total potential energy of the system. So we can write
[tex]L=T-V[/tex]
The kinetic energy is given by [itex]T=\frac{1}{2}mv^2[/itex], where [itex]m[/itex] is the mass and [itex]v^2[/itex] square magnitude of its velocity. Assuming the motion of the mass is constrained to lie in a plane, we can express the [itex]x[/itex] and [itex]y[/itex] coordinates of the mass, at any given time, [itex]t[/itex], in terms of its distance from the center of revolution [itex]r[/itex] and the angle, [itex]\theta[/itex] it makes with a reference horizontal, which we designate to be the [itex]x[/itex]-axis:
[tex]x=r\cos\theta[/tex]
[tex]y=r\sin\theta[/tex]
A differentiation yields the [itex]x[/itex] and [itex]y[/itex] components of the velocity of the particle.
[tex]\dot{x}=\dot{r}\cos\theta-r\dot\theta\sin\theta[/tex]
[tex]\dot{y}=\dot{r}\sin\theta+r\dot\theta\cos\theta[/tex]
,
where a dot over a symbol indicates the first derivative of that variable with respect to [itex]t[/itex]. Notice that since both [itex]r[/itex] and and [itex]\theta[/itex] vary with time, we make use of the product and the chain rule. We can square both components and add them to yield the velocity-square of the mass
[tex]\dot{x}^2=\dot{r}^2\cos^2\theta+r^2\dot\theta^2\sin^2\theta-2r\dot{r}\dot\theta\cos\theta\sin\theta[/tex]
[tex]\dot{y}^2=\dot{r}^2\sin^2\theta+r^2\dot\theta^2\cos^2\theta+2r\dot{r}\dot\theta\cos\theta\sin\theta[/tex]
[tex]v^2=\dot{x}^2+\dot{y}^2=\dot{r}^2+r^2\dot\theta^2[/tex][/center]
So the kinetic energy is given by [itex]T=\frac{1}{2}mv\left(v_0^2+r^2\dot\theta^2\right)[/itex]. Notice that [itex]\dot{r}[/itex] is replaced with [itex]v_0[/itex] to maintain consistency with the notation used in the problem. Gravity is irrelevant here, so we neglect it. So, the potential of the system is zero ([itex]V=0[/itex]). Therefore, the Lagrangian of the system is
[tex]L=\frac{1}{2}mv\left(v_0^2+r^2\dot\theta^2\right)[/tex].
The Euler-Lagrange equation (the equation of motion) is
[tex]\frac{\partial L}{\partial \theta}-\frac{d}{dt}\left(\frac{\partial L}{\partial \dot\theta}\right)=0[/tex].
By substituting our expression for the Lagrangian, we get
[tex]0-\frac{d}{dt}\left(mr^2\dot\theta\right)=0[/tex]
or
[tex]-2mrv_0\dot{\theta}-mr^2\ddot\theta=0[/tex].
Remember [itex]\dot{r}=v_0[/itex]. After simplification, this yields
[tex]\ddot\theta+\frac{2v_0\dot{\theta}}{r}=0[/tex].
However, [itex]r[/itex] is the distance of the mass from the center. Since we know it varies linearly with time, [itex]r=v_0t+r_0[/itex], where [itex]r_0[/itex] is the distance away from the center at time [itex]t=0[/itex]. So the proper equation of motion for the system is
[tex]\ddot\theta+\frac{2v_0\dot\theta}{v_0t+r_0}=0[/tex].
The equation above is second-order ordinary differential equation, whose solution yields the angular position of the mass as a function of time:
[tex]\theta(t)=C_1-\frac{C_2}{v_0(v_0t+r_0)}[/tex],
where [itex]C_1[/itex] and [itex]C_2[/itex] are integration constants which can be fitted to the initial conditions of the problem, [itex]\theta(0)=0[/itex] and [itex]\theta'(0)=\omega_0[/itex]. The solution specific to our problem becomes
[tex]\theta(t)=\frac{r_0\omega_0t}{v_0t+r_0}[/tex].
From this equation, we can directly find the mathematical form of the dependence of the angular momentum by differentiating the above equation:
[tex]\omega(t)=\frac{d\theta}{dt}=\frac{\omega_0r_0^2}{(v_0t+r_0)^2}[/tex]
REMEMBER, [itex]v_0[/itex] is negative to indicate that the distance between the mass and the center is shrinking.
Check the attached graphs for plots of the position, and the angular velocity.