For the benefit of anyone else attempting to implement this, the above post is incorrect. Buddypress implemented @mention listing by searching the text of all activity updates. The function to query for activity (BP_Activity_Activity:get) allows you to query by user id AND search term, but not user id OR search term, as this feature requires.
The only way I was able to get this working was by hacking bp-activity-classes.php, and updating the user_id sql in the get_filter_sql function. The updated code is as follows: