Assume the initial condition is that a point mass starts at height $y_0$. After descending to height $y < y_0$, we know that its speed will be $v = \sqrt{2mg(y_0 - y)}$. Thus, the displacement element can be written as $$ds^2 = dx^2 + dy^2 = v^2 dt^2,$$ so that we have $$dt^2 = \frac{1}{2mg(y_0 - y)} (dx^2 + dy^2).$$ We are trying to minimize the functional $\int \sqrt{dt^2}$. This looks just like the geodesic problem (from general relativity) where the metric is $$g_{\mu \nu} = \frac{1}{2mg}\begin{pmatrix} \frac{1}{y_0 - y} & 0 \\ 0 & \frac{1}{y_0 - y}\end{pmatrix}.$$ The geodesic equation reads, $$\frac{d^2 x^\mu}{dt^2} + \frac{1}{2}\Gamma^{\mu}_{\alpha\beta} \frac{dx^\alpha}{dt} \frac{dx^\beta}{dt} = 0.$$
I believe that with this metric, we have the Christoffel symbols $$\Gamma^x_{xy} = \Gamma^x_{yx} = \frac{1}{2(y_0-y)}$$ $$\Gamma^y_{yy} = \frac{1}{2(y_0-y)}$$ $$\Gamma^y_{xx} = \frac{-1}{2(y_0-y)}$$ (note the negative sign)
and all else are zero.
This would give the equations $$\frac{d^2 x}{dt^2} + \frac{1}{2(y_0-y)}\frac{dx}{dt}\frac{dy}{dt} = 0$$
$$\frac{d^2 y}{dt^2} + \frac{1}{2(y_0-y)}\left(\frac{dy}{dt}\right)^2 - \frac{1}{2(y_0-y)}\left(\frac{dx}{dt}\right)^2= 0.$$
Is this all correct so far, and can this be continued into a useful solution to the problem? I am also concerned that I might not have the right derivative in the geodesic equation - I think it should be derivatives with respect to $t$ but I could imagine being wrong and it should be with $s$, related by $$ds = vdt \implies \frac{d}{dt} = v \frac{d}{ds}.$$