Bummer. That's one of those things that I think about, and how to avoid, and it seems to be much like stage-freight. The more you worry about it, the more likely it will happen. I don't have a cut-off switch, but I never tighten the negative battery terminal. I like to push it on with a 1/4 turn twist. The 1/4 turn probably does nothing but make me feel good, but it is snug and has never been a problem.
A few months back, I was working on my car, and needed to do something with the key in the 'on' position. So, I pulled the white wire off the distributor (to not power up the electronic ignition) and switched the key to on. The ammeter pegged, and I switched it off. Scratched my head, and turned it on again and watched the ammeter peg. I shut it off almost instantly, but could already smell insulation burning. The wire I pulled happened to fall on one of the metal latches that holds the dizzy cap in place. That wire is not fused, and melted all the way to the control box. The wiring harness only had a few thousand miles on it... Oh well, I ran a new wire outside the cloth wrapped harness, and tried to hide it as well as possible. -The bottom line, it only takes a second. I was lucky and did not burn my hand, but there is no way I could have switched a cut off that fast. I'm not sure how to prepare for a 'catastrophic event', but glad my (or Geos) car didn't burn up.
My days in the garage seem so far away...