Here in striper land, I use the mnemonic "tighten-up" to describe how to handle a grab... tight to the fish first, stripping if necessary before the rod goes up. This applies to one-hand retrieves as well as two-hand.
(Not saying that's what you did, just thought I'd throw that in to the discussion)
Related note - have you guys gotten into stripping baskets yet? When I fished Bush Pt, Fort Casey and the Straits almost a decade ago there were no baskets to be seen - in fact it was rare to see another flyfisher.