More modern engines have electronically controlled throttle plates, and this is definitely somewhere you could do something clever like you suggest - cutting fuel flow but also maximising airflow when there is zero throttle input.
I assume engine braking is generally considered a beneficial thing by manufacturers, but it could be fun to be able to customise the amount. Or do something like have the braking come on gently at first then harder. Maybe even try and have a linear or flat response curve vs. engine rpm.