I've not experienced brake failure in a car only in a truck. When I say truck I mean 18 Tonne truck. Lost air pressure to the brakes so slowed down using the engine, crashing down through the gears is a good way to bring your speed down. In the UK on some inclines there are gravel beds just for such an occurance, but the're not everywhere, so you have to bleed off the speed best way you can, as you did by brushing the verge. I've not heard of this type of failure on "modern" cars ('95 is still modern when your last but one car was a '67 mini). <img src="/images/graemlins/grin.gif" alt="" />
I think you did it right, but it sure shakes your confidence.