I find the use of engine braking during a panic stop to be interesting. When performing a panic stop in the MSF class, they had you clutch in and drop to first. Downshifting and clutching out seems like it would upset the balance of the bike since you're obviously not going to be rev matching on the downshift. I know that when using maximum braking in a car, you want to rev match to keep from upsetting the balance on the car, especially if you're trailbraking.
Since engine braking is essentially just rear brake, what is the purpose in a panic stop if you can simply apply a touch of rear brake via the caliper?
Just a bad idea, plain and simple. If you want any stopping power from the rear in an emergency situation, use the brake. As Mike mentioned, managing engine braking while doing this is extremely difficult and unnecessary. The goal is to end up in a gear which will let you get away quickly after completing the stop, but there's no need to clutch out until you need to accelerate.
Look up some videos on quick stops using both brakes vs front brake. And as I mentioned before, try it yourself. Yes, if you are absolutely perfect and can execute maximum front + rear brake emergency stop, more power to you.. obviously it'll yield the shortest stopping distance (by few feet vs front only).
Quick stop without rear brake guarantees several things:
1. No fishtailing.
2. No highsiding.
3. No finesse required to modulate rear brake.. it's very easy to progressively squeeze the front, but modulating the rear at the same time is infinitely harder and again from my tests shortens stopping distances ever so slightly.
I am not telling you (or anyone else) that front-only is the only right way to do this. I am asking you to try it.. especially since you've just crashed .. and if your rear wheel didn't lock up, maybe the crash would not have happened. Also keep in mind that a spinning rear wheel with clutch squeezed in and with zero brake application provides more drag than a locked up rear wheel.. it also provides a lot of stability (gyro).
Personally, I've switched to front-only many years ago and it's what I practice every time I ride. I use rear brake all the time, but only for control (u-turns, slow stops, stop-n-go traffic, etc).
I very rarely find myself needing to perform an actual emergency stop, but the few times I've had to do it, using front-only, there was zero drama.
Oh and one more thing to add to Mike's excellent suggestion of squeezing the tank with your knees when stopping quickly: when you practice this, pay attention to how much pressure you're putting on the handlebar with your hands. If you're gripping the tank right, you should be able to just squeeze the clutch and front brake, but not need to really lock the handlebar or push against it all that hard. Ideally, you want it to still be able to correct itself even under heavy braking.