Although I'm sure I didn't look nearly as cool doing it, I actually did something similar on the track. Big, long sweeping, double-apex right hander (the carousel at BeaveRun)... already draggin my knee... felt the rear let go a little... felt the peg, my boot and the exhaust start dragging... I used my knee and just pushed it back up.
I wore almost all the way through my toe slider in that one turn. Wish I had thought to use my elbow like that too!