Glad your foot will recover soon.
Great assessment of what happened. Where you riding with TPM by any chance? That's who I ride with. They have white, red and blue groups, and the owner Glen often does 2-up rides.
Yes, lots of track experience, although I am one of the slowest riders. Because I am pretty conservative, and just want to have fun, although I get sucked in occasionally, but quickly reminded by a missed apex, or a close call. I did have a similar incident years ago when two riders collided in front of me. I saw them collide, but I didn't see them going down. That's because my eyes automatically looked through the escape route, and the bike followed.
The reason I could do it because I practiced this specific scenario (among many other possible scenarios on the track and on the street). It's called visualization, and there was even an article in Sport Rider a while back.
You simply imagine a scenario of your choice, and visualize it in slow motion - this way you "program" yourself to do the right things - like what your inputs are, where are you looking, etc. You simply go through the same scenario a number of times, and you achieve a good level of "programming" for a specific scenario. So, if you encounter such specific scenario in real life, not only do you know what to do in theory, you simply pull your pre-programmed reaction like a trick out of the hat, and all of a sudden you can execute a complex set of actions.
This is a very powerful tool, and once you experience the benefit, it will be an eye opening experience. Because, it will feel like the bike did all of this automatically, and you were simply an observer.
An enormous benefit of this approach is that you can practice scenarios which are impossible to practice in real life. Including the one you had a misfortune with. Once a certain scenario is "programmed", it gradually fades away. Therefore, you need to periodicallly go through them to maintain a good level of programming.
A few extreme examples. They all imply the use of the front brake only. Forget about the rear.
You are doing a good clip on the road while suddenly all traffic stopped. Correct actions: You quickly preload the front brake, but give it 0.5 - 1.0 sec for the weight to transfer, and then gradually but quickly apply max lever pressure. While you are slowing down you look in the mirror if anyone is going to rear end you, while at the same time downshifting, and looking for an escape route (between cars, etc), and while at the same time releasing the lever a little by little because if you don't you may lock the front. If you decided to sverve, you release the brake, and sverve with an aggressive input, and then reapply the brake lever again.
Another one: You are going through the turn on the street - at a good clip. You feel that the rear is stepping out. Correct action: no action. Ignore it, pretend it didn't happen. Let the bike figure it out - it is designed for that situation. Assuming you didn't completely abuse the throttle, the rear will gently regain traction - at least, this is your best shot under the circumstances. Anything else, like shutting the throttle, braking, straightening the bike, wiggling in the seat, tensing up in your hands and body - all will worsen your chances to various degrees.
Another one. You are in a turn, and as you look through the turn you see a stopped car taking your entire lane. Correct action: tighten the turn as quickly as you can, as you reach the inside straighten the bike fully or partially and execute emergency braking. As you are reaching the outside, stop the braking, and go in extreme lean again, and once you reach the inside of your lane, repeat the same. This is your best chance. If you end up hitting the car, brake to the last moment without panicking and locking the front - your best bet is for the bike to hit the car, and you flying over the car (and not hitting it). Stay relaxed and you won't break anything, while your gear and helmet do the job they were meant to do.
Another one. You are riding in the country and going through a turn at a good clip. As you look ahead you realize there is gravel in your entire lane. You have 3 sec max until you reach it. Correct action: tighten the turn, straighten the bike right before the gravel patch, go through the patch while you are ON THE GAS especially if you are at the partial lean, stay on the gas even if the rear is wiggling. As soon as you passed the gravel patch, lean the bike again because you are about to go wide. If you have a chance to brake and scrub the speed before you hit the patch, do it, but release the brakes and give it some gas when going over the patch.
The most extreme one. Could be in straight line or in a turn. There is a large object which you cannot avoid - a crashed motorcycle for example. There is not enough time to fully stop, i.e. you know you gonna hit it. Correct action: scrub as much speed as you can. If in turn, use technique above. In either case, make sure you are hitting the object while the bike is as much upright as possible. While you are still braking, try to downshift if your rpm was below the mid range. As you release the brake closing in on an object, pull the clutch in partially or fully and even open the throttle more (the idea is to rev the bike to almost red line), and as you are almost there - dump the clutch. The idea is to force the bike into a wheelie. The front is on its way up and hopefully goes over an object, or at the least hits the object while being very light. When the rear hits the object, it will give the bike the momentum which wants to rotate the bike around its CG, and throw the front back on the ground. This momentum will compensate for otherwise raising front. You have to stay on the gas even after the rear touched back because it's going to probably spin a bit and wiggle before it regains traction. Only then, you can gradually reduce the throttle.
As you can see, there is absolutely no way to figure out such scenarious when you actually encounter them.
I know it's a bit long, but I felt it was important.