Down shifting shouldnt cause wear on anything more than the clutch. exceptions would be if you are jamming the shifter into gear, grinding gears, popping the clutch, etc.
every time the clutch is disengaged and reengaged some wear of the friction plate occurs. extra wear would occur to the clutch if you are downshifting at high revs where the sudden high torque could cause the clutch to slip somewhat as it engages.
I honestly dont think the designers "back in the day" intended the driver to use downshifting as suplementary braking. the problem with older braking systems is not a matter of enough braking power, it is a matter of controlling the power. old systems tend to lockup, new systems allow you to accurately apply maximum braking power without lockup. Also old transmissions do not have synchros, therefore you cannot really downshift unless you double clutch.
downshifting does not waste gas at all unless you hit the gas pedal, the increased rpms does not cause the engine to consume any more fuel than if the car was sitting still at idle. if it consumed more fuel, the car would not slow down, it would maintain the same speed.
I dont think "saving the brake pads" is a very strong defense for downshifting, as the cost and difficulty of brake replacement is far less than that of clutch replacement. I would rather replace many sets of brakes than 1 clutch . . . especially in a Z.
i personally do downshift quite often, but I do this only because i like the way the car feels and sounds, and i feel more in controll when i do it.
-matt