Horse is doing this because you are letting him, and not correcting it.
I have a feeling that's stating the obvious to OP
. It's how not to let him & how best to correct that's the topic. I think your comment about holding the foot correctly is an important point that no one's yet mentioned. Holding the hoof wall at the toe, fully flexed, tends to give you more control & allow you to hang on & go with it(without detaching biceps muscles!) much more effectively.
'Correcting' & making 'the wrong thing difficult' in whatever manner is important, but I think it's even more important to focus on making 'the right thing easy' and reinforcing it, both positively(giving a reward) & negatively(removing pressure).
I thought I was utilizing the horse's ingrained desire to not waste energy as it was needed for a fast getaway from a perceived predator.
I don't personally think it's 'asinine'... not that I would put it that way anyway if I did! I think that perhaps talking the theory to wasting energy & perceived predator escapes may be a bit irrelevant & often not the case... especially with overfed, under exercised beasties. Basically what it comes down to is that you're aiming to make the wrong thing difficult by running the horse around. In some situations I think this is a very valid answer (tho I still disagree with using lunging as punishment - that's not how I want the horse to think of lunging) but I think it's much more straight forward to teach a horse to... well, stand still, to stand still.
Just as *part* of the reason I disagree with 'Join Up' is because I don't think chasing a horse in circles is the best way to teach them to come to you. Horses learn by *instant* association of cause & effect, so I think it's also more effective to use more direct consequences.