You should downshift during an emergency brake, but I never have to blip when I down shift. Unless I just screw it up that badly. I was taught in my advanced riding school that you should roll back slightly as you brake, that'll leave you at 1-5% throttle, then just clutch, shift, and release clutch. So it is kind of "blipping" but it's automatic like that. You'd do the same technique with a quick shifter. Always, always, ALWAYS, wait a beat before downshifting again. Ideally, with each gear, the rev up will not go as high as the previous down shift. That will keep you from downshifting too quickly and locking the rear wheel.
Is this something you'd teach in motorcycling 101? No. I wouldn't want to teach a guy that just learned where the clutch was yesterday how to engine brake. Should you aspire to learn it? Yes. At some point I want to learn to quick stop with my front, rear, and engine brake. Maybe I'll start when I practice again tomorrow. Wednesday is the only day the MSF range on base is free.
Emergency braking, and late braking for that left hander you don't want to get passed on are essentially the same thing. Lots of racers don't use their rear unless they're trying to trail brake, and the less time you spend braking, the more time you can spend accelerating. That equals faster lap times, and that's what they're paid to do. So I would think if the benefits of the rear outweighed the risks of using it, then more racers would use it. Granted, linked race ABS is starting to creep into the top tiers...
But in the end, whatever you do, practice till you're tired of it, then do it 5-6 more times. Do that every week. Try different ways and go with whatever can stop you the quickest, but still leave you the exit. Remember, the goal of most emergency braking is to slow down until you can find an exit, sometimes there isn't one, but making sure you use your SEE strategy all the time you shouldn't put yourself into a situation with no out.
"The best riders use their superior judgement to avoid situations where their superior skills are necessary."