front blowout... shift weight back, slow steadily.
back blowout... remain where you are, concentrate on your steering, slow steadily
This is what i hear anyway.
My friend was doing 120km/h on the 402 when his '74 CB had a front tire blowout. It wasn't really a blowout he said, the bead broke and he felt the front 'sloshing around', began to decelerate, peeked over the bars, saw the tire flopping around... apparently he made it down to about 70km/h before the front washed out (not sure if he braked too hard at that point or the momentum keeping him upright was lost at 70km/h or not)... he did a superman in the slow lane (chest first), rolled for a while and popped up onto feet watching traffic whiz past. Scarrrrry stuff... he wasn't wearing anything below the waist for protection (jeans and running shoes)... but came out unscathed. Lucky f_ _ _ ker.
Upon removing the tire from the rim back at the garage a bunch of washers fell out onto the floor, washers that didn't belong on the bike. He figures the lazy shop mechanic who had a messy workstation let washers fall into the tube/tire the week before when he had a new tire put on. Brutal. Note to self... never, ever get work done by a mechanic that can't keep a clean shop. Note #2: Wear all gear, all the time cuz you never know. Note #3: Do what you're doing and know how (in theory) to cope with a blowout.
Good luck, if you figure out whether to brake lightly or engine brake only let me know. My guess is front blow engine brake, back blowout light front brake if you have 'control'.
ps. i should have prefaced all this with... i don't get my bike until Friday and am probably not the best source of input due to lack of experience. I too am scrutinizing and mentally planning for as many painful situations as possible.